Last week, iQ3 hosted its first Executive Roundtable for the year, Cyber Security Smoke & Mirrors – Enabling resilience and confidence within your organisation. Guests gathered for a sit-down lunch at Sake, the Rocks with Information Security & Compliance Manager of Domain Group, John Kouroutzoglou leading the discussion. Kouroutzoglou addressed the elephant in the room, questioning why large organisations seem to be ‘untouchable’ when it comes to security incidents with customers continuing to do business with them regardless.
The conversation centred around cyber security strategies to deal with the extensive number of possibilities threatening organisations on a daily basis. Guests agreed that the most common threats keeping people awake at night include ransomware and phishing, highlighting the importance of implementing resilient backup solutions to avoid unplanned downtime in addition to protecting your organisation from potential reputation damage.
Kouroutzoglou mentioned the importance of employee education in addition to several critical measures which organisations should take to instantly reduce their risk and ensure they are prepared for the increasingly intelligent and unpredictable nature of cyber threats. Implementing effective remediation strategies should be a key focus for organisations, including password protection, multi-factor authentication in addition to effective and reliable data recovery processes.
Kouroutzoglou acknowledged that while most organisations prefer to not consider themselves as likely targets for such threats, being proactive today, implementing the appropriate measures can avoid difficult questions in the future, such as how much ransomware can your organistion afford to pay?