Is your business managing information security effectively?

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Information security has become one of the most talked about topics in the business world. Millions of Australians’ personal details have been compromised by the recent cyber-attacks and data breaches of major national companies.

As a result, many businesses are now looking seriously at their information security management and what is in place to protect their digital data. How do you keep your organisation’s information – and the personal data of your customers – secure?

Why is information security important?

Cyber crime is on the rise. The number, sophistication and severity of cyber threats is increasing at a greater rate than ever seen before. Recent statistics released by the Australian Cyber Security Centre (ACSC) revealed they receive a report of cyber crime every seven minutes. Individuals, small businesses, large organisations and government departments are all at risk of cyber attacks and data breaches.

Almost all businesses generate, collect and store sensitive data that is related to their business operations or that of their customers or clients. Securing this information requires a systems-based approach. Yet, despite the risks, most businesses still do not have adequate systems in place to ensure the physical and digital security of their information.

Failure to invest in cyber security is one of the leading causes of increased vulnerability and unwanted cyber attacks for business. However, the cost to your organisation – whether that is through business disruption, recovery costs, or even brand reputation – can be significantly higher.

What can my business do?

The first step for any business concerned about information security is to understand your risks. Software integrations, digital assets and remote working arrangements are commonplace in many organisations. However, these and many other ways in which we work can be highly susceptible to vulnerability. Taking stock of how much sensitive information your business holds and how your people share and store information is an important first step.

Additionally, Developing an Information Security Management System (ISMS) may be the best option for your business. An ISMS assists in managing information security and mitigating the risks your business faces against cyber threats or malicious attacks. An ISMS is a comprehensive and systemic approach to managing your organisation’s information with many tangible benefits. These benefits include increased resilience and reduced costs associated with cyber security protections.

Certifying your ISMS is the next step to assuring your processes meet the internationally recognised standard for information security, ISO/IEC 27001:2013. As the cost and severity of cyber attacks continue to mount, more individuals and organisations will be looking to do business with organisations that have their ISMS certified to ISO/IEC 27001.

For all organisations, regardless of size, the ACSC recommends the implementation of the Essential Eight cyber security strategies for defending against cyber threats. These eight essential mitigation strategies are designed to protect Microsoft Windows-based internet-connected networks, and make it harder for adversaries to compromise systems.