Top 5 Cyber Summit Takeaways

3 minute read

The second annual Clyde & Co. Cyber Summit, held on 15 February 2024 at the Sydney Cricket Ground brought together international and domestic leaders in cyber-security and privacy to share their insights and projection on what lies ahead for Australia as it looks to become the most cyber-secure nation by 2030.

Here are our Top 5 takeaways 

  1. The Ever-Present Threat of Cybersecurity
    The most common thing keeping executives up at night is cyber. A cyber incident occurs every six minutes, underscoring the importance of vigilance and proactive measures to protect against these threats.

  2. Importance of Preparedness and Adaptability
    Cyber risks are constantly evolving, making it crucial to engage in event-neutral planning and maintain flexibility in our response strategies. Recognising the dynamic nature of cyber threats ensures we remain one step ahead.

  3. Critical Role of Third-Party Vendors and Real-Time Communication
    In times of crisis, having reliable third-party vendors and a clear communication strategy that focuses on current developments is vital. This approach helps maintain trust and manage stakeholder expectations effectively.

  4. Teamwork in Crisis Management
    The analogy of a cricket team effectively illustrates our role in cybersecurity – working as a cohesive team to prevent the ‘wickets’ from falling. This involves a collaborative approach to understanding and addressing issues before they escalate into crises.

  5. Reduction in Ransom Payments
    Ransom payments have dropped in the last year from 80% to 30%. This notable decrease, reflects a combination of better preparedness, alternative solutions to ransom demands, and stronger regulatory discouragements against funding cybercrime.

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