By Patrick Gunning King & Wood Mallesons’ Sydney Office
The results of our recent Directions survey confirm the anecdotal evidence that cyber-resilience was a hot topic for many directors and Boards in Australia in 2015 and is continuing in to 2016. ASIC produced a “Cyber resilience: health check” publication in March 2015, which helped guide thinking in the domestic market. As part of a director’s duty of care and diligence, directors need to assess and address the risk of damage to the company from external cyber-attacks and internal unauthorised access to or disclosure of company data. They should do so on the basis that no company is immune from such risks, although the likelihood of the risk eventuating and the degree of resulting damage varies substantially from company to company.
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