New research shows that senior executives and boards of Australian companies risk complacency when it comes to cyber security.
The ASX invited the 100 largest listed companies to participate in a voluntary cyber health check in November last year. The health check was a key recommendation of the federal government's 2016 Cyber Security Strategy.
The results show that four out of every ﬁve companies expected cyber security issues to worsen and only 38 per cent had cyber insurance, though a further 16 per cent planned to take out a policy in the coming year.
What is concerning is that 55 per cent of respondents said that they do not conduct risk assessments and 16 per cent of the Australian organisations polled said they did not have an action plan to respond to cyber threats.
90% of all organisations faced some form of cyber-attack or breach attempt in 2015-16.
Regional healthcare businesses considered themselves at greatest risk, particularly as internet connected smart healthcare devices are deployed.
"At times there are people who have not experienced a breach who tend to be over conﬁdent," Bill Taylor-Mountford, vice-president of APAC and Japan for LogRhythm said. "They have often spent a good deal of money on perimeter defences, but research shows that 65-67 per cent of breaches come from compromised credentials, requiring a different security approach."
The Australian Cyber Security Centre's recently released Cyber Security Survey notes that 90 per cent of all organisations surveyed faced some form of cyber-attack or breach attempt in 2015-16.
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