KBI

We are honoured to have collaborated with Pragma Lawyers last week on a panel discussion covering the topic of ‘Top Risks Your Board Should Know’ - giving updated and practical insight into the implications of a changing risk landscape for directors and officers.

The panel discussed emerging, changing and even 'uninsurable' risks, key legal mistakes to avoid in this current climate and the continued focus on ESG and its impact on businesses.

It was such a privilege to hear from our esteemed panelists - Travis Kenzle (KBI), Aaron McDonald (Pragma Lawyers), Steve Morgan (ESG Capital) and our moderator Lachlan Stretton. Thank you!

It was great to see everyone at the event!

Recently, in an Australian first, an Australian financial services (AFS) licensee was found to have breached its licence obligations by failing to do all things necessary to ensure it adequately managed its cybersecurity risks.

The judgement highlighted that cybersecurity should be front of mind for all AFS licensees and while it is not possible to reduce cybersecurity risk to zero, it is possible to materially reduce cybersecurity risk through adequate cybersecurity documentation and controls.

ASIC expects 5 key things from AFS licensees:

· Be aware of potential consumer harms that arise from cybersecurity shortcomings
· Adopt good and active cybersecurity risk management practices to reduce potential harm to consumers
· Act quickly in the event of a cyber incident to minimise the risk of ongoing harm
· Report cyber incidents to the ACSC
· Ensure board members are well informed regarding cyber security and take responsibility for the cyber security strategy of the business

As cyber threats become an increasing and significant risk, it is important to understand that the above is also very relevant to most organisations, not just AFS licensees. Ensure you’re proactively reviewing and managing your cyber security risks.

https://www.allens.com.au/insights-news/insights/2022/05/Federal-Court-finds-cyber-risk-management-is-a-critical-obligation/