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frameworks corporate Governance is guided by
ASX Corporate Governance Principles and Recommendations:
ASX Corporate Governance Principles and Recommendations:
ASX Corporate Governance Principles and Recommendations:
Provides best-practice guidelines for companies listed on the Australian Securities Exchange (ASX).
Corporations Act 2001:
ASX Corporate Governance Principles and Recommendations:
ASX Corporate Governance Principles and Recommendations:
Sets the legal framework for corporate behaviour, including director responsibilities and shareholder rights.
Australian Prudential Regulation Authority (APRA):
ASX Corporate Governance Principles and Recommendations:
Australian Prudential Regulation Authority (APRA):
Oversees financial institutions to ensure sound governance practices.
key elements of cyber security risk management
The Importance of Security Risk Management
Security risk management is a critical process for organizations to identify, assess, and mitigate risks to their information systems, assets, and operations. In today's interconnected and increasingly digitized world, the importance of robust security risk management cannot be overstated. It ensures that organizations are better prepared to address evolving cyber threats, maintain compliance with regulations, protect stakeholder trust, and safeguard business continuity.
Cyber Threat Landscape Awareness:
- Ransomware Attacks: Increasingly targeting critical infrastructure, businesses, and healthcare organizations.
- Insider Threats: Employees and contractors inadvertently or intentionally compromising systems.
Risk Assessment Frameworks:
- APRA CPS 234: For financial institutions, focusing on information security and third-party risk.
- ISO 31000: Integrating cybersecurity risks into enterprise risk management.
Cyber Security Risks:
With the rise in cyber threats, organizations prioritize frameworks like the Essential Eight (Australian Cyber Security Centre) and adhere to regulations like the Notifiable Data Breaches (NDB) Scheme.
Cyber Incident Response Planning:
Developing detailed response and recovery plans to mitigate the impact of cyber incidents.
Third-Party Risk Management:
Ensuring vendors and partners adhere to cybersecurity standards, particularly in cloud services and IT outsourcing.
key cyber security compliance requirements
Privacy Act 1988
Security of Critical Infrastructure Act 2018 (SOCI)
Security of Critical Infrastructure Act 2018 (SOCI)
- Governs how organizations collect, use, and disclose personal information. Organisations must take reasonable steps to protect personal data from unauthorised access, loss or disclosure.
- The Notifiable Data Breaches (NDB) Scheme, part of the Act, mandates that organizations notify affected individuals and the Office of the Australian Information Commissioner (OAIC) of eligible data breaches.
- Proposed reforms aim to increase penalties for serious breaches and introduce stricter data protection obligations.
Security of Critical Infrastructure Act 2018 (SOCI)
Security of Critical Infrastructure Act 2018 (SOCI)
Security of Critical Infrastructure Act 2018 (SOCI)
- Focuses on protecting critical infrastructure sectors such as energy, water, healthcare, and telecommunications.
- Requires operators to implement a Critical Infrastructure Risk Management Program (CIRMP), which includes cybersecurity measures.
- Enables the government to intervene in cyber incidents that threaten national security.
Cyber Security Act 2024
Security of Critical Infrastructure Act 2018 (SOCI)
Australian Cyber Security Centre (ACSC) Guidelines
The Cyber Security Act includes measures to:
- Mandate minimum cyber security standards for smart devices
- Introduce a mandatory ransomware and cyber extortion reporting obligation for certain businesses to report ransom payments.
- Introduce a limited-use obligation for National Cyber Security Coordinator to encourage industry engagement with government following cyber incidents.
- Establish a Cyber Incident Review Board to conduct reviews of significant cyber incidents and share lessons learned.
Australian Cyber Security Centre (ACSC) Guidelines
Australian Cyber Security Centre (ACSC) Guidelines
Australian Cyber Security Centre (ACSC) Guidelines
- Provides guidelines and frameworks for managing cyber security risks.
- Includes the Essential Eight, which outlines strategies for mitigating cyber security threats.
Australian Signals Directorate (ASD)
Australian Cyber Security Centre (ACSC) Guidelines
Australian Signals Directorate (ASD)
- A comprehensive framework for managing information security.
- Provides guidance on security controls and measures for government agencies and businesses handling government data.
APRA CPS 234 – Information Security
Australian Cyber Security Centre (ACSC) Guidelines
Australian Signals Directorate (ASD)
- Developed by the Australian Prudential Regulation Authority (APRA) for entities in the financial services sector.
- Requires organizations to maintain robust information security frameworks, ensure third-party compliance, and promptly notify APRA of material security incidents.
Telecommunications (Interception and Acess) Act 1979
Telecommunications (Interception and Acess) Act 1979
Telecommunications (Interception and Acess) Act 1979
- Applies to telecommunication carriers and service providers.
- Telecom providers must safeguard their networks and systems against cyber threats.
- The Act includes provisions for managing national security risks and maintaining operational resilience.
Modern Slavery Act 2018
Telecommunications (Interception and Acess) Act 1979
Telecommunications (Interception and Acess) Act 1979
While primarily focused on human rights, this Act intersects with cybersecurity, as organizations must ensure their digital supply chains are free from exploitative practices.
International Standards
Telecommunications (Interception and Acess) Act 1979
Payment Card Industry Data Security Standard (PCI DSS)
Many Australian organizations adopt global standards to align with best practices:
- ISO/IEC 27001: An internationally recognised standard for Information security management systems (ISMS)
- NIST Cybersecurity Framework (CSF): A risk-based approach to cybersecurity.
- PCI DSS: For organizations handling payment card information.
Payment Card Industry Data Security Standard (PCI DSS)
Health Records and Information Privacy Act 2002 (HRIP Act)
Payment Card Industry Data Security Standard (PCI DSS)
- Relevant for organisations that handle credit card transactions.
- Establishes requirements for securing cardholder data.
Health Records and Information Privacy Act 2002 (HRIP Act)
Health Records and Information Privacy Act 2002 (HRIP Act)
Health Records and Information Privacy Act 2002 (HRIP Act)
- Applies to organisations in the healthcare sector.
- Ensures the protection of health information privacy and security.
Corporations Act 2001
Health Records and Information Privacy Act 2002 (HRIP Act)
Health Records and Information Privacy Act 2002 (HRIP Act)
- Requires companies to disclose certain information and maintain risk management systems, including cyber security risks
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