The digital age has bred opportunity for mid-size business. From ecommerce to social media, agile organisations have taken advantage of new channels to disrupt their industries and fuel rapid growth.
However, technology developments have also introduced new risks. Rated a top 10 global exposure both likelihood and severity-wise by the World Economic Forum, cyber risk is now an agenda item for boards worldwide.
Cyber risk is here to stay, but not necessarily in its current form. While businesses worry about data privacy and IP theft today, they may well face different conundrums tomorrow. The internet of things is widening the scope of cyber attacks, with its potential to inflict damage on infrastructure and mass production. Closer to home, the frequency of cryptolocker and ransomware attacks against Australian companies is on the rise, with a direct impact on organisations’ operational fitness and bottom line.
While hackers are not shy about reinventing their way of working, business may not be as nimble when it comes to counteracting the threat: Grant Thornton’s recent International Business Report (IBR) points out that only 52% of organisations have a cyber security strategy in place.
Not all companies are created equal when it comes to cyber risk. While equally vulnerable targets for cyber crime or hacktivism, mid-size businesses are less equipped to deal with the consequences of attacks than their multinational counterparts. The Australian government has recently acknowledged this gap, and launched the national Cyber Security Strategy, which directly addresses the need for cyber risk advice adapted to businesses of all sizes.
Grant Thornton, mid-size businesses’ growth advisor of choice, accompanies a broad range of organisations in identifying cyber exposures, developing effective risk management strategies, implementing the necessary measures to safeguard operations, and acting swiftly to counteract and recover from potential attacks. We understand that mid-size businesses need a pragmatic and cost-effective approach to managing cyber risk; this is why our experts provide counsel and support adapted to each company’s profile, and focus on delivering results.
