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Thanks Ted Dziekanowski for this.
Following on from my previous post about Fitch, cyber and sovereign ratings. The enclosed article by Fitch goes someway to highlight their concerns over sovereign cyber as the recent cyber attacks in Australia demonstrate the impact of a systemic set of attacks on Australia infrastructure, over the past 8 months.
Cyber attacks that are being addressed by the Australian Government through rapid developments in cyber regulation, fine regimes, risk management and standards across industry sectors. However Australia faces the same problems as the U.S and EU, that is fixing cyber is about delivery. Regulation and enforcement is only the stick and it requires the public and private sector to dive into accepting the problem and fixing it. The challenge is how to fix it?
There is no quick fix for cyber, technology will not address the problem as cyber requires the strong foundations of leadership, culture, people and technology. We have created the appropriate cyber risk management guidance to work with organisations and build the foundations including governance, risk management, cybersecurity and organizational design.
Gerry Kennedy
#cybersecurity #cyberriskmanagement #cyberregulation #creditrisk #theaugustagroup
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