The Australian Institute of Company Directors (AICD) and the Cybersecurity Cooperative Research Centre (CSCRC) have announced important revisions to the Cybersecurity Governance Principles. The updated document addresses critical changes in regulatory and legislative frameworks.
Version 2 consists of advancements in cybersecurity governance and the emergence of new cyber threats since the initial release of the principles in 2022. This came out as a response to the rapidly changing cyber threat environment and increased regulatory scrutiny.
The revisions address contemporary challenges consisting of digital supply chain vulnerabilities, strategies for effective cyber incident response and recovery and data governance. The Principles include case studies from important corporate figures like former Telstra CEO Andy Penn AO and Ventia Services Group Chair David Moffat MAICD along with major insights derived from recent significant cybersecurity events.
To assist the directors, the Cybersecurity Governance Principles provide practical resources such as customized questions, governance red flags and checklists that are tailored for no-for-profits and small to medium enterprises (SMEs).
These tools aim to boost the board’s cyber resilience, strengthen risk management practices and offer effective oversight of supplier relationships. The update also clarifies how boards can prepare for major cyber incidents and respond in a manner which is both effective as well as compassionate when such incidents occur.
A crucial takeaway is that organizations addressing a serious cyber incident must consider the human ramifications of the crisis on both employees and customers. A board that remains attuned to the impacts on individuals is better placed to restore the reputation of the organization.
With operational and individual data growing in modern organizations, the focus of the revised Cybersecurity Governance Principles is one of the importance of strong data governance.
The release of the revised Cybersecurity Governance Principles is specifically timely coinciding with the recent passage of the Federal Government’s Cybersecurity Bill.
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