protection from cybercrime

Organisations originally created governance, risk, and compliance (GRC) programs in response to strict regulations and operational risks. However, this led to GRC operating in silos, with legal, finance and IT all operating independently. This approach often leads to a disconnect between organisational objectives and risk appetite and ultimately failed to deliver business value. 

Ransomware is the most concerning and dangerous type of malware that can cause severe financial and reputational damage. What separates it from other malware, is the word “ransom” which is a form of extortion. And cybercriminals are successfully using it to disrupt services and steal from Australian businesses and individuals. In fact, over the past 12 months, Australia has faced a 15 per cent increase in ransomware cyberattacks. 

The endpoint landscape is constantly evolving and keeping up can be a huge challenge. All it takes is for an end-user to download an unapproved application or for an operating system patch to not be successfully applied to create a new vulnerability. And every vulnerability on an endpoint provides an opportunity for an attacker to breach your system. Once they have gained access, they can misuse resources, steal data or block access to files and services. Without identifying and remediating vulnerabilities, you are leaving your network open to attack. This is where vulnerability management becomes a critical aspect in keeping your business secure. Vulnerability management is a strategy used to track, minimise, and ultimately eliminate vulnerabilities in your systems.

As the threat landscape continues to evolve, so do business risks and regulations. As such, many companies are looking to work with a cybersecurity partner to implement the necessary frameworks and technology to manage those risks. A solid GRC framework can help you to safeguard your data from threats, improve efficiencies and proactively conform to compliance requirements. However, navigating through different frameworks and standards to implement a holistic GRC program is a significant challenge. This is why finding the right security partner is vital. You need a partner that has technical expertise, is knowledgeable about compliance requirements and has strong project management skills.

What is GRC?

GRC is a strategy for managing an organisation’s overall governance, risk management and regulatory compliance. The acronym GRC was coined as a shorthand reference to the critical capabilities that must work together to achieve Principled Performance. 

On 13th October 2021, the Minister for Home Affairs announced The Australian Government’s Ransomware Action Plan. The plan forms part of the Government's cyber security vision to create a more secure online world for Australians and Australian businesses. 

The Ransomware Action Plan outlines current and new initiatives and legislative changes and details a roadmap for Australia’s measures to combat ransomware in the years to come. In this article, we’ll summarise the plan, detailing key initiatives and what they mean for Australian businesses.