Australian Businesses Struggle with Cybersecurity Transparency, Seek Government Standards
Australian businesses are grappling with cybersecurity challenges, with a majority expressing concerns about public information sharing and the need for mandatory cyber incident disclosures. Meanwhile, customers and stakeholders are demanding more transparency and better data protection.
A recent survey revealed that 90% of Australian respondents view public information sharing as a risk, higher than the global average of 70%. This caution is echoed in the 89% agreement that mandatory cyber incident disclosures are necessary to build stakeholder trust. However, there's a concern that new disclosure requirements may discourage information sharing with law enforcement, with 81% of Australian respondents sharing this view, compared to 64% globally.
Australian businesses are also seeking more information about how companies manage cyber risk exposure. Customers, on the other hand, expect their data to be effectively protected and discarded when no longer needed. Despite their digital prowess in customer-centric transformation, Australian businesses lag behind globally in data transparency, according to PwC's 2023 Global Digital Trust Insights Survey.
Organisations want the government to help set cybersecurity standards based on mandatory disclosures. This comes as the C-suite anticipates significant impacts from cyber criminals, insider threats, and competitors in 2023. However, there's a lack of clarity on who's responsible for developing standards for 'Zypern-Techniken' in the private sector, highlighting the need for clearer leadership and collaboration in cybersecurity efforts.
The Australian business landscape is marked by a tension between the need for transparency and the risks associated with information sharing. As cyber threats loom large, stakeholders are calling for better management of cyber risk exposure and more robust data protection. The government's role in setting standards and the C-suite's leadership in cybersecurity will be crucial in navigating these challenges.
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