ASIC will hold directors responsible for data breaches which arise from inadequate management of cyber security and failure to ensure that their organisation has prepared for significant cyber incidents.
The role of senior management in Cybersecurity is crucial in establishing and maintaining effective security practices within an organisation. While data protection was once considered an IT issue, given the operational, financial and reputational risks which result from a significant Cyber-breach, the senior management team is expected to take responsibility to oversee and make strategic…