The top five reasons companies aren’t ready for a cyber crisis when it hits

Over 50% of 850 company directors surveyed by the Australian Institute of Company Directors in June 2022 said their organisation had no formal cybersecurity risk framework or risk management plan in place. Additionally, 68% of small businesses admit they have no specific cyber insurance in place, and 80% of SMEs know they should be doing more to train their staff in risk management and crisis planning.

Now, cybersecurity is not a new problem and neither is it simply an IT issue. Targeted corporate cyber attacks have been notable problems since the mid-2000s and earlier, and the effects can be felt across large companies and, increasingly, smaller, less-resourced businesses.