The Australian Institute of Company Directors (AICD) and Cybersecurity Cooperative Research Centre (CSCRC) released major updates to the Cybersecurity Governance Principle in the country. Important updates like data governance, digital supply chain risk and regulatory and legislative shifts are included in the refreshed document that recently came out.
Version 2 reflects developments in cybersecurity governance and emerging cyber threats since the Principles were first released in 2022. Now comes in response to the rapidly growing cyber threat landscape and increasing focus on regulations.
Case studies from corporate leaders such as Andy Penn AO, former CEO of Telstra and Ventia Services Group Chair, David Moffat MAICD and the major cybersecurity incidents that took place are also included in the updates and Principles that cover the emerging issues.
To support directors, the Cybersecurity Governance Principles offer some practical tools that include several things including, governance red flags, tailored questions and a tick list for SMEs and NFPs. This has helped the board in major cyber resilience stronger along with which they have been able to improve risk control and look over supplier relationships properly.
When it comes to managing cyber risks across organizations, according to Mark Rigotti, CEO and AICD Managing Director, the Principles have become the best-practice guidance.
CEO of Cybersecurity Cooperative Research Centre (CSCRC), Rachel Falk in a statement mentioned that cybersecurity is of much importance and complexity for Australian organizations. He further added in his statement, “Establishing good governance practices for cybersecurity, including understanding the strength of existing risk controls, who are our key digital suppliers, and keeping abreast of new and emerging threats and risks is vital for directors.”
Falk later added that these principles will be beneficial in helping Australian directors build a short understanding of what better cyber governance looks like to keep Australian organizations and communities safe and secure in the digital world.
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