How Directors’ Roles are Changing in the New Age of Cyber Crime
Technological progress and a shift into the “Cyber Age” has begun to make an impact in the corporate world. Company executives and directors are being forced to take the necessary steps to protect their stakeholders from cyber crime and to keep up with the applicable laws.
One of the pitfalls of advancements in technology is the constant developments in security threats, especially those against companies and their executives. A threat that is increasingly prominent is cyber crime: these risks are nearly unlimited and always evolving, as cyber-attacks are constantly being refined and improved by attackers.
Keeping apprised with changes in legislation, such as the most recent Privacy Amendment (Notifiable Data Breaches) Act 2017 being passed in February, is crucial. In the event of a breach, companies with turnover of more than $3mil, government agencies, NFP’s and private schools will soon be required to provide mandatory notifications to both the Office of the Information Commissioner and to all at-risk individuals. The consequence in failing to do this will be significant fines to either individuals or the organisations themselves.
The article below offers interesting insights into the expectations put on Directors’ and Officers’ in the implementation of technology and how our corporate environment is in a state of evolution.