Tag Archives: risk management

How does a non profit organisation recover from a cyber event?

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Recovering from a cyber event can be challenging for any organization, including non-profit organizations in Australia.

Here are some steps that non-profit organizations can take to recover from a cyber event:

Containment and assessment:

The first step in recovering from a cyber event is to contain the incident and assess the damage.

This may involve disconnecting affected systems from the network and determining what data has been compromised.

Response plan activation:

Non-profit organizations should have a response plan in place for cyber incidents, which outlines the steps to be taken in the event of an attack.

This plan should be activated as soon as the incident is detected to ensure a timely and coordinated response.

Notification:

If personal data has been compromised, non-profits may need to notify affected individuals and regulatory authorities, such as the Office of the Australian Information Commissioner (OAIC), under the Notifiable Data Breaches (NDB) scheme.

Non-profits should follow the guidelines set out by the OAIC regarding the content and timing of data breach notifications.

Communication:

Non-profits should communicate with stakeholders, including donors, partners, and staff, about the incident and its impact.

This can help maintain trust and transparency with the organization’s supporters and minimize reputational damage.

Recovery and restoration:

Non-profits should work to restore affected systems and data, including implementing data backups, patching vulnerabilities, and updating security measures.

Non-profits should also review their response plan and security measures to identify areas for improvement.

Review and prevention:

Once the organization has recovered from the cyber event, it’s important to review the incident and identify areas for improvement.

Non-profits should also take steps to prevent future cyber incidents, including implementing stronger security measures and providing ongoing training and education to staff.

Recovering from a cyber event can be a complex and time-consuming process.

Non-profits can benefit from working with cybersecurity experts and seeking advice from relevant regulatory authorities to ensure they are taking appropriate steps to recover and prevent future incidents.

How does an Australian non profit organisation know how to stop a cyber event from happening again?

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Preventing a cyber event from happening again is a critical step for nonprofit organizations in Australia.

Here are some steps that nonprofits can take to stop a cyber event from happening again:

Conduct a security assessment:

Nonprofits should conduct a security assessment to identify any vulnerabilities in their IT systems and data.

This may involve using security software tools or hiring a cybersecurity expert to perform the assessment.

Review policies and procedures:

Nonprofits should review their policies and procedures related to cybersecurity, data protection, and incident response.

This can help identify areas for improvement and ensure that the organization has appropriate controls in place to prevent future incidents.

Implement security measures:

Nonprofits should implement security measures to prevent cyber events, such as strong passwords, two-factor authentication, and regular software updates.

Nonprofits should also ensure that their systems and software are properly configured and patched.

Provide training and education:

Nonprofits should provide ongoing training and education to staff to ensure they are aware of the latest cyber threats and know how to prevent cyber events.

This may include training on how to recognize and report suspicious activity, as well as how to use security software tools.

Monitor systems:

Nonprofits should monitor their IT systems and data for any unusual activity or anomalies.

This can help identify potential security incidents before they become major problems.

Have an incident response plan in place:

Nonprofits should have an incident response plan in place to respond quickly and effectively in the event of a cyber event.

This plan should include procedures for notifying stakeholders, collecting evidence, and recovering data and systems.

Regularly review and update security measures:

Nonprofits should regularly review and update their security measures to ensure they are up to date and effective against the latest threats.

In summary, nonprofits can stop a cyber event from happening again by conducting a security assessment, reviewing policies and procedures, implementing security measures, providing training and education, monitoring systems, having an incident response plan in place, and regularly reviewing and updating security measures.

Trusting Your IT and Cybersecurity Teams: A Critical Component of Nonprofit Success

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Nonprofits rely heavily on technology to manage their operations, from fundraising to volunteer management.

little detective is on the trail of luck

As such, IT and cybersecurity teams, internal and external, are critical to ensuring the success of nonprofit organizations.

However, without trust in these teams, nonprofits may experience negative consequences that can impact their ability to achieve their mission.

✔️ Not trusting IT and cybersecurity teams can cause security breaches.

Nonprofits often collect and store sensitive information about their donors, beneficiaries, and volunteers, which must be protected from unauthorized access or theft.

Without trust in IT and cybersecurity teams, the organization may not prioritize security measures, leading to vulnerabilities that hackers can exploit.

A security breach can result in the theft of sensitive data, financial loss, and damage to the nonprofit's reputation.

✔️ Data loss.

A lack of trust in IT and cybersecurity teams may also lead to inadequate data backup and recovery procedures, which can result in permanent data loss in the event of a system failure or cyberattack.

Data loss can significantly impact a nonprofit's operations, making it difficult or impossible to serve beneficiaries effectively.

✔️ Inefficiencies.

IT and cybersecurity teams are responsible for maintaining the organization's technology infrastructure.

Without trust, the nonprofit may not allow the IT and cybersecurity teams to make necessary updates, leading to inefficiencies and potential downtime.

This can significantly impact the nonprofit's ability to achieve its mission.

✔️ Compliance issues.

Nonprofits must comply with various regulations related to data privacy and protection.

Without trust in the IT and cybersecurity teams, the nonprofit may not ensure compliance, leading to legal issues and financial penalties.

✔️ A lack of trust.

Ultimately, a lack of trust in IT and cybersecurity teams can erode trust among donors and beneficiaries.

A security breach or data loss can damage the organization's reputation, leading to decreased funding and support.

Donors and beneficiaries need to trust nonprofits with their sensitive information, and a lack of trust in IT and cybersecurity teams can significantly impact the nonprofit's ability to build and maintain that trust.

IT and cybersecurity teams play a crucial role in protecting sensitive information, maintaining operational efficiency, responding to cyberattacks, ensuring compliance, and building trust for nonprofits.

Nonprofits must trust their IT and cybersecurity teams to keep their organization secure and protect their donors and beneficiaries.

Without trust, nonprofits may experience security breaches, data loss, inefficiencies, compliance issues, and loss of trust, which can significantly impact their ability to achieve their mission.

Why SMEs need an MSP

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In 2023 and beyond, cyber threats will continue to be the biggest risk to small businesses.

These threats can come in the form of malware, ransomware, phishing attacks, and other forms of cybercrime, and they can have severe consequences for small businesses.

In a survey conducted by the National Cyber Security Alliance, 60% of small businesses reported being a victim of a cyber attack, and more than half of those attacks resulted in financial losses.

One of the main reasons that small businesses are at such high risk is that they often lack the resources and expertise to properly protect themselves.

Many small businesses do not have dedicated IT staff or cybersecurity professionals on hand, making them more vulnerable to attacks.

They may also have limited budgets for cybersecurity measures, which can leave them exposed to threats.

Another reason that small businesses are at risk is that they often have weaker cybersecurity defenses.

Small businesses may not have the same level of security measures in place as larger organizations, making them an easier target for cybercriminals.

This can include things like outdated software, a lack of firewalls, and insufficient training for employees on how to identify and prevent cyber threats.

A managed service provider (MSP) can play a critical role in helping small businesses reduce the risk of cyber threats.

One of the main ways that MSPs can help is by providing proactive monitoring and management of a small business’s IT systems and networks.

This can include things like identifying and addressing vulnerabilities, implementing security measures such as firewalls and antivirus software, and monitoring for suspicious activity.

In addition, MSPs can help small businesses implement a disaster recovery plan in the event of a cyber attack.

This can involve regularly backing up data and having a plan in place for how to restore systems and recover from an attack.

This can be particularly important for small businesses, which may have a harder time recovering from a cyber attack due to limited resources.

MSPs can also provide training and education on cybersecurity best practices to small business employees.

This can include things like teaching employees how to identify and prevent phishing attacks, how to create strong passwords, and how to recognize and report suspicious activity.

This can help small businesses create a culture of cybersecurity awareness and reduce the risk of attacks.

Overall, a managed service provider can help small businesses reduce the risk of cyber threats by providing proactive monitoring and management of IT systems and networks, implementing a disaster recovery plan, and providing training and education on cybersecurity best practices.

By working with an MSP, small businesses can take steps to protect themselves from cyber threats and reduce the potential impact of these threats.

Cyber is a risk that cannot be insured unless the insured takes on more risk

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Cybersecurity is a hot topic in today’s digital age.

With the increasing reliance on technology and the internet, businesses and individuals are at risk of cyber-attacks and data breaches.

Unfortunately, many people assume that their insurance policies will cover them in case of a cyber incident.

However, the reality is that traditional insurance policies may not provide adequate protection against cyber risks.

The main reason for this is that cyber risks are constantly evolving and new threats are constantly emerging. As a result, insurance companies are often unable to keep up with the latest developments in the field.

Furthermore, many insurance policies have exclusions or limitations when it comes to coverage for cyber incidents.

This means that even if you have insurance, you may not be fully protected against a cyber attack.

So, what can you do to protect yourself against cyber risks?

One option is to purchase a standalone cyber insurance policy.

These policies are specifically designed to provide coverage for cyber incidents and typically include coverage for things like data breaches, cyber extortion, and business interruption.

However, purchasing a standalone cyber insurance policy also means taking on more risk.

Many standalone policies have high deductibles and exclusions, which means that you may still be on the hook for a significant portion of the loss in the event of a cyber incident.

Another option is to take a proactive approach to cybersecurity.

This can include implementing strict security protocols, regularly updating software, and training employees on how to recognize and prevent cyber attacks.

By taking steps to reduce your risk, you may be able to negotiate more favorable terms on your insurance policy.

In short, cyber risks are a reality that cannot be ignored.

While insurance can provide some protection, it is not a silver bullet.

Businesses and individuals need to take a holistic approach to cybersecurity, including both insurance and risk management measures.

And remember, just like a good lock on your front door, being proactive can keep cybercriminals at bay.

3 reasons that cybersecurity is in the state it is!

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Cybersecurity is at a low level for several reasons.

One reason is that organizations, governments and individuals are not investing enough in cybersecurity measures.

This can include not allocating sufficient budget or resources for cybersecurity training, hiring, and technology.

Another reason is that many organizations and individuals do not have a clear understanding of the cyber threats they face, and as a result, do not prioritize cybersecurity.

Additionally, many companies and individuals are still using outdated software, hardware and systems that are vulnerable to cyber-attacks which could have been prevented if they were updated.

Furthermore, the sophistication and complexity of cyber attacks are increasing at a faster rate than organizations and individuals can keep up with.

All these factors combined have led to the current low level of cybersecurity.

Lowest entry-level ever

Today, the entry-level for cybercrime is at an all-time low.

This is due in part to the increasing availability of easy-to-use tools and resources that allow individuals with little technical expertise to engage in cybercrime.

For example, there are now numerous online forums, tutorials, and hacking tools that can be easily accessed and used by anyone with an internet connection.

Additionally, the rise of the dark web has made it easier for individuals to purchase and use malicious software, such as malware and ransomware, for criminal activities.

Furthermore, the increasing use of automation and AI in cybercrime has made it easier for cybercriminals to launch large-scale attacks and target a wide range of victims.

All these factors have led to the lowering of the entry-level and increase of cybercrime which is a major concern for organizations, governments and individuals.

Education and training from the wrong direction

Education and training that is delivered in a top-down manner, where the information and knowledge is passed down from the top level of an organization to the bottom, can fail for several reasons.

One of the main reasons is that it does not take into account the unique needs and perspectives of the individuals or groups who are being trained.

The information may not be tailored to their specific role or level of understanding, making it difficult for them to apply it effectively in their work.

Additionally, top-down education and training can lead to a lack of engagement and buy-in from the individuals or groups who are receiving the training.

Without their active participation and interest, the training may not be as effective in achieving its goals.

A bottom-up approach, on the other hand, is more inclusive and empowering, and it starts with the needs and perspectives of the individuals or groups who are being trained, ensuring that the training is more relevant and meaningful to them.

Software was written for the first to market, not as a secure platform

Software that is written with the primary goal of being the first to market may not prioritize security.

This means that the software may have vulnerabilities or weaknesses that can be exploited by cybercriminals or hackers.

These security flaws can lead to data breaches, loss of sensitive information, and other types of cyber attacks. Additionally, software that is not designed with security in mind may not comply with industry regulations or standards, which can lead to legal and financial repercussions for the company that developed the software.

To avoid these issues, it is important for companies to balance the need for speed to market with the need for a secure and compliant software platform.

Additional

AI

Artificial intelligence (AI) will have a significant impact on both cybersecurity and cybercrime.

On the cybersecurity side, AI can help organizations and individuals detect and respond to cyber threats in real time, by using advanced machine learning algorithms to analyze large amounts of data, identify patterns, and make predictions about potential attacks.

Additionally, AI-based systems can also be used to automate many security processes, such as patch management and incident response, which can help organizations and individuals become more efficient and effective in defending against cyber attacks.

On the other hand, AI can also be used by cybercriminals to launch more sophisticated and automated attacks, such as spear-phishing, social engineering, and malware campaigns.

AI-based malware can also be designed to evade detection by traditional security systems and can spread quickly across networks.

Additionally, AI can also be used to enable new forms of cybercrime, such as deepfake generation, which can be used to impersonate individuals or organizations in order to steal sensitive information or money.

Therefore, AI can have a significant impact on both cybersecurity and cybercrime and it’s important for organizations and individuals to stay aware and adapt to the new technology.

The risks associated with online shopping and banking

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Online shopping and banking have become an integral part of our daily lives, but with the convenience of these services comes the risk of cyber threats.

cybercriminals and scammers can target your personal and financial information in order to steal your identity, money, or both.

That’s why it’s so important to practice good cybersecurity habits when shopping and banking online.

Here are some best practices to keep in mind:

🔰 Use a password manager to create and store strong, unique passwords for each of your online accounts.

It can be tempting to use the same password for multiple accounts, but if a hacker gains access to one of your accounts, they will have the key to all of them.

🔰 Enable two-factor authentication (2FA) on your online accounts whenever possible.

This adds an extra layer of security by requiring you to enter a one-time code in addition to your password when logging in.

🔰 Make sure that the websites you shop on and use for banking are secure.

Look for a URL that starts with “https” and a padlock icon in the address bar.

This indicates that the website is using a secure connection to encrypt your data.

🔰 Use a credit card rather than a debit card for online purchases, as credit card companies generally have stronger fraud protection policies.

If your credit card information is stolen, you can typically dispute the charges and get your money back.,

🔰 Avoid using public Wi-Fi networks for sensitive transactions, as they may not be secure.

Cybercriminals can easily set up fake public Wi-Fi networks in order to steal your information.

🔰 Regularly check your bank and credit card statements for any unauthorized charges or activity.

🔰 Be wary of phishing emails or texts that try to trick you into entering your login or financial information on fake websites.

These scams often use fake logos and branding to make them look legitimate, so it’s important to be on the lookout for red flags.

If you receive an email or text from a company that you don’t recognize, do not click on any links or enter any information.

🔰 Keep your computer and other devices up to date with the latest security patches and software updates.

These updates often include important security fixes.

🔰 Use a firewall and antivirus software to protect your computer from malware and other threats.

These tools can help to prevent malware from infiltrating your system and can also detect and remove any malware that does get through.

🔰 Consider using a virtual private network (VPN) when connecting to the internet, as it can help to encrypt your data and protect your online activity from being monitored.

By following these best practices, you can help to protect yourself and your personal and financial information while shopping and banking online.

Remember, it’s always better to safe than sorry.

No one waits for a car accident before investing in insurance why would cyber insurance be any different

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The use of technology has become an integral part of our daily lives.

From the way we communicate with others to the way we conduct business, technology has transformed nearly every aspect of modern society.

As a result, the risk of cyber-attacks and data breaches has also increased significantly.

Unlike car accidents, which are typically one-time events, cyber attacks can have long-term consequences.

They can result in the theft of sensitive personal and financial information, damage to a company’s reputation, and even legal action.

The costs associated with these types of attacks can be substantial.

This is where cyber insurance comes in.

We invest in car insurance to protect ourselves in the event of an accident, cyber insurance can provide protection against the financial consequences of a cyber-attack.

It can help cover the costs of recovering from an attack, such as legal fees, data restoration, and public relations efforts.

There are several reasons why people and businesses should consider investing in cyber insurance.

It provides financial protection in the event of a cyber attack.

It’s impossible to completely eliminate the risk of a cyber-attack, but having insurance can help alleviate some of the financial burdens that comes with dealing with the aftermath.

Another reason to consider cyber insurance is the increasing frequency of cyber attacks. It’s not a matter of if a company will be attacked, but when.

There are potential legal consequences to consider.

A company may be held liable for a data breach if it fails to adequately protect customer data.

Cyber insurance can help cover the costs of legal action and settlements, which can be substantial.

Despite the clear benefits of cyber insurance, many people and businesses still don’t invest in it.

This may be due to a lack of awareness about the risks of cyber-attacks and the potential consequences.

Others may believe that their company is too small to be a target or that they have sufficient in-house security measures in place.

It’s important to remember that cyber attacks can happen to anyone, regardless of size or industry.

Small businesses and non-profits are often targeted because they may have fewer resources to devote to cybersecurity.

Cyber insurance can provide an extra layer of protection against the unexpected.

No one waits for a car accident before investing in insurance, it’s important not to wait for a cyber attack before considering cyber insurance.

The risks of a cyber attack are real and the consequences can be severe.

Don’t wait until it’s too late – consider cyber insurance for your business today.

It is the responsibility of the board of directors to carefully consider and manage these risks.

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Business risk is an inherent part of any enterprise, and it is the responsibility of the board of directors to carefully consider and manage these risks.

When it comes to cybersecurity, there are several factors that the board of a small, medium or non-profit enterprise should consider in order to determine what is an acceptable business risk.

First and foremost, it is important for the board to understand the potential consequences of a cybersecurity breach.

This includes not only the financial costs of responding to the breach and repairing any damage but also the impact on the company’s reputation and customer trust.

The board should also consider the likelihood of a cybersecurity breach occurs, as well as the potential severity of the consequences.

One way to manage cybersecurity risk is through the implementation of robust security protocols and technologies.

This includes ensuring that all software and systems are regularly updated and patched, using strong passwords and implementing two-factor authentication, and regularly training employees on cybersecurity best practices.

The board should also consider investing in cybersecurity insurance, which can help to mitigate the financial impact of a breach.

Another aspect of managing cybersecurity risk is having a robust incident response plan in place.

This should outline the steps to be taken in the event of a breach, including how to communicate with employees, customers, and the media, as well as how to restore systems and recover from the incident.

It is important for the board to consider the potential for external threats, such as cybercriminals.

This includes considering the use of security tools such as firewalls and intrusion detection systems, as well as implementing processes for monitoring and detecting potential threats.

In addition to these technical measures, the board should consider the role of company culture in managing cybersecurity risk.

This includes promoting a culture of cybersecurity awareness and education among employees, as well as setting expectations for responsible behavior online.

Ultimately, the acceptable level of business risk when it comes to cybersecurity will depend on the specific circumstances and needs of the enterprise.

The board should carefully consider the potential consequences of a breach, the likelihood of such an incident occurring, and the measures in place to mitigate and manage these risks.

By taking a proactive approach to cybersecurity, the board can help to protect the company’s assets and reputation, and ensure the long-term success of the enterprise.

Where to start your Business Security / Cybersecurity Journey

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Start

Time

3-hour program

What is done

Audit on assets and risk management.

What you get

  • Report on where your organisation is in relation to business security
  • Roadmap to implement basic changes to your business organisation
  • A number of process, procedure and policy templates
  • A number of Plans templates

Tools we use

  • Care-app diagnostic tool
  • Questionnaire similar to basic SWOT
  • Proprietary diagnostic tools
  • Open-source intelligence gathering tools

What do you need to do

  • Implement changes
  • Discuss with management
  • Implement proactive responses to cybersecurity

 

Threshold

Time

8-hour program

What is done

 

What you get

  • Implementation of Internet policy
  • Implementation of online security awareness program
  • In depth Risk analysis
  • In depth Risk mitigation process
  • Full blown digital SWOT

Tools we use

 

What do you need to do

 

 

Baseline

What is done

 

What you get

 

What do you need to do

 

 

Beyond

What is done

 

What you get

 

What do you need to do