Cyberthreats and cybersecurity are hot topics these days, following a spate of high-profile cyberattacks. For enterprises, cybersecurity has become a top-flight board-level issue as security experts continue to warn companies they’re not doing enough to secure their IT infrastructures.
Cyberattacks are rapidly becoming the norm rather than the exception as organised crime, terrorists and governments continually seek innovative ways to infiltrate even the most secure platforms for state secrets, competitive advantage or just to wreak as much havoc as possible. Their scope and the effort required to mediate them are also increasing.
The recent Petya ransomware attack, which locked up computers and demanded a ransom to unlock them, started in Europe and ended up cutting a swathe through networks in the US, Australia and the rest of the world, rendering thousands of businesses helpless in the process. It is just one of many of these types of attacks and follows similar incidents, including attacks on global hospital infrastructures, Yahoo, which suffered millions of hacked accounts, and Sony Pictures, who were the victim of a massive cyberattack in 2014.
Securing sensitive content
In the face of these attacks, board members and C-suite executives need to operate in the safest networked environments available if they are serious about protecting all their sensitive content and IP.
This is where specialised platforms for managing board papers come into their own. They allow board members and senior executives to create, distribute and collaborate on the most sensitive company documents in real-time. Board portal software makes every type of document or information a C-suite member requires – e-signatures, global searches and even note sharing – available for users so they can provide updates to reports and control exactly who can see what.
The cybercrime landscape in Australia
The Petya attack, which reportedly hit the Australian offices of global law firm DLA Piper, TNT Australia and the Hobart factory of Cadbury, may yet serve as a wake-up call to Australian businesses, but if US systems are vulnerable, Australia is wide open. There is nothing preventing a catastrophic cyberattack on Australia’s economy, according to current and former Australian defence and intelligence chiefs, and the only thing that has prevented disaster so far is good luck.
Cybercrime is also becoming more prolific, costing the economy $1 billion a year by conservative estimates. Following the Petya attack, the federal government approved the use of offensive cyber-warfare operations to shut down foreign criminal networks.
In the announcement, Prime Minister Malcolm Turnbull cited 114,000 reports of cybercrime registered with the Australian Cybercrime Online Reporting Network (ACORN) since 2014, and 23,700 in the first half of 2016 alone. The federal government has also committed $630 million to beef up national security against cybercrime.
Protecting your data and communications
In response to this global threat, Diligent’s Board Portal platform has been developed to offer organisations the data and communications security they require. Built on secure servers that are owned and operated in-house, it provides robust encryption, strong third-party protection and a 24/7 global user hotline.
It also includes Diligent Messenger, a smarter and more secure way for board members to email and message each other without having to use corporate or free email systems when exchanging confidential information.
More than 140,000 directors and executives worldwide rely on Diligent to run their meetings, improve governance and provide peace of mind around their information’s integrity and confidentiality. There’s only one question that really matters and Diligent can help organisations of all types and sizes provide the right answer: How safe are your board documents?
Diligent is partnering with governance and cybersecurity experts Steven Bowman and Monica Schlesinger for a three-part webinar series on cybersecurity.
In this series, you can hear from experts in boards and how they can effectively become cybersecure, and also take part in a Q&A session where you can ask the speakers personally about the aspect of cybersecurity that may be troubling you.
Find out more about more about Diligent’s Webinar Series.
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