Navigating the Evolving Cyber Threat Landscape with Governance, Risk, and Compliance (GRC)

The cybercrime landscape is no longer confined to headlines and fictional TV shows. Today, it's a harsh reality that many individuals and organisations face, posing significant challenges to security and privacy.

Understanding the Current Cyber Threat Landscape in Australia

In Australia, cybercrime has become a significant problem, with the frequency of attacks steadily increasing. In fact, according to the Australian Signals Directorate's Cyber Threat Report, a cybercrime incident is now reported in the country every six minutes on average. This alarming rate of increase is a contrast to last year's report, which documented incidents every seven minutes, and the report the year before of eight minutes.

Further underlining this concerning trend, the Australian Cyber Security Centre received over 94,000 cybercrime reports over the financial year. This is an increase of 23% from the past two years.

When Australian businesses fall for cyber attacks, their finances can take a significant hit. According to the aforementioned Annual Cyber Threat Report, the average cost of a cyber attack on Australian businesses has increased by 14%. On average, small businesses lost as much as $46,000, while medium and large enterprises incurred $97,200 and $71,600 in losses, respectively.

What is Australia Doing to Combat Cyber Threats?

In response to the escalating threat of cybercrime, the Australian government recently released the 2023-2030 Australian Cyber Security Strategy. The initiative aims to establish Australia as a world leader in cyber security by 2030, focusing on protecting Australians from cyber threats.

Australian businesses are also spending more money to protect their systems and data from online threats. According to a report, Australia’s cyber security market is estimated to be worth $5.91 billion as of 2023 and expected to reach $21 billion by 2028.

Improving the IT Skill Shortage in Australia

One of the most effective ways for businesses to combat cyber attacks is by having a strong cyber security workforce. A skilled IT team can identify vulnerabilities in computer systems, implement appropriate security measures and respond well to cyber incidents.

Unfortunately, Australia is currently facing a significant IT skills shortage, making it difficult for organisations to find qualified personnel to bolster their defenses. In a recent study, it was found that the Asia-Pacific (APAC) region needs a 300% growth in cyber security professionals to meet demand. This shortfall leaves businesses vulnerable to cyber attacks, potentially leading to data breaches, financial losses, and reputational damage.

The Growing Need for a Holistic Cyber Security Approach

Cyber security strategies today require a comprehensive approach that integrates people, processes, and technology. This is where Governance, Risk, and Compliance (GRC) comes into play.

What is Governance, Risk, and Compliance (GRC) in Cyber Security?

Governance, Risk and Compliance (GRC) has become a top priority for organisations in Australia due to the increasing difficulty of doing business in today’s digital era where being globally connected is the standard. Let’s take a closer look at each of them:

Governance

Governance refers to the framework and practices that guide an organisation’s decision-making processes. In cyber security, it involves establishing policies, procedures, and structures to manage risk effectively. Governance’s key aspects include:

• Policies and Procedures: Organisations establish cyber security policies and procedures to define how security is managed. These documents outline roles, responsibilities, and acceptable behavior related to information security.

• Board oversight: Boards of directors play a crucial role in cyber security governance. They set the tone for security awareness, allocate resources, and hold management accountable for security outcomes.

Risk Management

Risk management focuses on identifying, assessing, and mitigating risks to an organisation’s information assets. It involves the following steps:

1. Risk Identification: Organisations identify potential threats and vulnerabilities. This includes understanding the threat landscape, assessing the likelihood of incidents, and estimating potential impacts.

2. Risk Assessment: Risk assessments evaluate the severity of identified risks. Some factors involve the likelihood of occurrence, potential harm, and existing controls.

3. Risk Mitigation: Mitigation strategies aim to reduce the impact of risks. These may cover implementing technical controls (e.g., firewalls, encryption), operational practices (e.g., access controls, incident response plans), and employee training.

Compliance

Compliance ensures that an organisation adheres to relevant laws, regulations, and industry standards. Some key aspects of compliance are:

1. Legal and Regulatory Compliance: Organisations must comply with data protection laws (e.g., GDPR, CCPA), industry-specific regulations (e.g., HIPAA for healthcare), and other legal requirements. Failure to comply can lead to fines and reputational damage.

2. Standards and Frameworks: Compliance also involves following recognised cyber security frameworks (e.g., NIST Cyber Security Framework, ISO 27001). These frameworks provide guidelines for implementing security controls and best practices.

3. Audits and Assessments: Regular audits and assessments verify compliance. Internal or external auditors review processes, controls, and documentation to ensure alignment with standards.

Lumify Learn’s Governance, Risk and Compliance Certified Professional Boot Camp

With the increasing sophistication of cyber threats today, many organisations are recognising the importance of having a robust GRC framework to protect their assets and minimise risk. This creates a high demand for professionals with these skills.

To address this problem, Lumify Learn has launched a new boot camp program called Governance, Risk and Compliance Certified Professional. In this interactive online course, you will gain a solid understanding of the following aspects:

• Cyber Security Frameworks: Explore industry-standard frameworks that can help you establish and maintain effective cyber security programs.

• Risk Assessment and Management: Proactively identify, assess, and prioritise cyber risks to ensure an organisation's critical infrastructure and sensitive data are adequately protected.

• Compliance Landscape: Navigate the ever-evolving legal and regulatory requirements surrounding data privacy, information security, and industry-specific regulations.

Aside from these, our expert trainers and mentors will help you develop the skills to implement and manage robust cyber security policies and procedures and contribute to the development and execution of a comprehensive GRC strategy. They will even teach you to collaborate with stakeholders across an organisation to ensure compliance.

By taking this course, you will gain the following certifications from the Information Systems Audit and Control Association (ISACA), the globally recognised leader in IT governance:

• ISACA IT Audit Fundamentals: A globally recognised certification, this lays the groundwork for a successful career in IT audit. You’ll gain a strong understanding of fundamental audit concepts, including the role, scope, and importance of performing IT audits. This way, you can participate in audits and collaborate with IT professionals while applying critical thinking skills to cyber security challenges.

• ISACA IT Risk Fundamentals: This certification will help you when it comes to risk identification, evaluation, and response methodologies. It also demonstrates your competence in identifying and mitigating IT-related risks, making you a valuable asset in today’s cyber security-focused environment.

This comprehensive program is ideal for:

• Newcomers to Cyber Security: If you have no prior IT experience but are interested in a rewarding career in cyber security, this course provides a solid foundation and prepares you for entry-level GRC roles such as Junior GRC Analyst, GRC Coordinator, Associate IT Auditor, and Level 1 Security Operations Center (SOC) Analyst.

• IT and Security Professionals: For experienced IT and security professionals, the course offers an opportunity to specialise in GRC and elevate your career trajectory by developing a comprehensive understanding of risk management, compliance frameworks, and strategic security practices.

Once you complete this course, you can become a part of our Lumify Edge program. This will give you access to a network of industry professionals and potential employers looking to hire individuals with GRC-related experience and skills.

Master the fundamentals of GRC. Enquire with us today.