Tuesday, 28 March 2023

2023 is the year organisations need to be more cyber smart than ever.

The Governance Institute of Australia recently featured insights from KordaMentha cybersecurity experts in the Governance Directions Journal. Brendan Read, Guillaume Noe and Tony Vizza revisited predictions from 2022 and discussed the evolution of cyber threats and resilience into 2023.

Several high-profile cyber attacks in 2022 sharpened the focus on how organisations are handling data security and privacy. As the Australian Securities and Investments Commission launched its first Federal Court action regarding cybersecurity failures, the spotlight on accountabilities of directors and corporate officers intensified.

In this article, Brendan, Guillaume and Tony shared their insights into the increasing sophistication of cybersecurity threats and areas organisations and boards must focus on to enhance cyber resilience. For 2023, they expect to see a rise in the malicious use of artificial intelligence and deep fake technology by cybercriminals. The human element of cyber risk is set to become more prominent – from threat actors exploiting deficiencies in cybersecurity awareness to breaches instigated by disgruntled or opportunistic employees or contractors. They highlighted the imperative for organisations to balance cyber-vigilance with budgetary constraints, particularly in the face of economic downturn.

Beyond threats to critical infrastructure, Brendan, Guillaume and Tony also discussed the vulnerabilities in Operational Technology and the Internet of Things. While authorities look to tougher regulation on the use of these technologies in critical systems, tightened privacy laws are also expected to support a shift by government and organisations to data minimisation tactics.

Click here to read the article, as featured in the Governance Institute of Australia’s Governance Directions Journal (March 2023 issue).