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Flyer - Cyber Readiness Assessments (CRA)

Cyber Readiness Assessment

The umbrella solution - ensuring your business is secure
from a legal, governance, risk, and IT standpoint

What is Cyber Risk?

Cyber and data protection are a part of every organisation's risk landscape, particularly as businesses of all sizes place more of their key assets and systems, and Australian's sensitive information, in Cloud platforms thinking, wrongly, that Cloud = secure. Organisations of all sizes not only have legal obligations to manage cyber risks but are susceptible to cybersecurity attacks and data breaches. The cyber threat landscape is highly dynamic requiring businesses to remain responsive to the threat and integrate cyber resiliency as a core component of their risk management program.

Governing for cyber risks and building cyber resilience across an organisation is a part of every Director's existing fiduciary duties owed to the company under both common law and the Corporations Act 2001 (Cth). This Director's duty is not the only legal issue that arises with cyber risks. Australian organisations are subject to a wide range of regulatory obligations and standards applicable to cyber risk and data management. Depending on your company's industry, business activities, size, and even the nature of the data you hold and where you store it, these regulations can be very complex and can overlap with each other, let alone where international laws and regulations may apply to the organisation.

Failing to adequately build, monitor, and maintain cyber resilience across the organisation can have disastrous consequences exposing companies to regulatory or legal action and increased risk of costly cyber attacks. The impact of cyber attacks have a long tail that can extend for months to many years after the actual incident. According to the Poneman Institute's Cost of a Data Breach Report, the average cost of a data breach in Australia in 2023 was $4.03 million AUD.

The long-tail impacts can include:

  • lost data and opportunities
  • revenue losses from business disruption and system downtime
  • regulatory notification costs
  • lawsuits and class-actions
  • loss of consumer trust and customer attrition
  • drops in share price as high as 20% and more
  • increased insurance premiums or inability to maintain insurance
  • negative impacts to employee and director mental health
  • employee attrition and challenges recruiting high quality staff
  • damage to a brand’s reputation and substantial negative media attention

What about smaller organisations?

It's an unfortunate fact that far too many small to medium businesses (SMB) underestimate the risk and impact of cyber incidents and the recovery period from a breach. We often hear businesses say "we're too small, nobody will hack us". But this is simply not true. According to the Australian Cyber Security Centre (ACSC), a cyber breach is reported every 10 minutes. Accenture’s Cost of Cybercrime Study, noted that 43% of cyber attacks are targeting small businesses.


SMBs are seen by cybercriminals as an easy target. Most hackers don't want to spend a lot of time and effort hacking a big company that has invested substantially in their cyber defences and have 24/7 dedicated security teams. It's not worth the effort when there are targets of opportunity such as smaller businesses with weaker defences.

What can you do?

All businesses need to critically examine their cybersecurity and data protection posture and implement core risk management strategies to not only protect their customers but also their business. Simply buying an off-the-shelf IT security product is not enough and is unlikely to discharge Director's duties. Building cyber resiliency and guarding against the impacts of data breaches requires a holistic strategy that crosses all areas of your business: from the Directors, Business Owner, and Board down to every department and even through to your suppliers and service providers. It's a business-wide risk that has to be actively managed, but you can only manage the risks you have identified.

The best first step to protecting your business is to get an independent assessment of your Cyber Readiness. A Cyber Readiness Assessment can provide an external perspective, benchmarking your organisation's risk management controls and how they measure up across your legal obligations, industry best practice, and international standards frameworks.

How does a Cyber Readiness Assessment Work?


Our cyber readiness services are designed to pragmatically benchmark and bolster your ability to prevent, and respond to, cyber security risks and legal obligations effectively and efficiently. Our comprehensive approach includes holistically assessing your current state of readiness and legal risk management, developing forward-looking cyber readiness recommendations, and validating your readiness for clients and insurers.

The CRA will assess 14 core cyber resiliency principles spanning the domains of Governance and Legal Risk, Technical Security, Risk Management, and Data Security. The core Principles assessed are composed of 39 key cyber security outcomes. Contributing Outcomes are assessed using technology agnostic Indicators of Good Practice (IGPs) to be achieved rather than a checklist of prescriptive controls.

While the CRA does cover some key outcomes and IGPs relating to privacy related data, this is only part of addressing your data risks. We strongly recommend bundling a Cyber Readiness Assessment with a Privacy Impact Assessment which will assess your risks and IGPs specific to applicable privacy laws and your privacy management program. Being cyber resilient and data secure is not the same thing as privacy compliance. Both are critical risks for every business to address.

An organisation's overall state of readiness is assessed based on a weighted scale each of the 14 principle's relative importance to preparing for and responding to cyber risks, addressing your legal obligations and risks, your industry and size, and the current threat landscape. We rank each principle, and your organisation holistically, on the following scale of readiness to achieve the principle's outcomes:

The ‘Achieved' (GREEN) readiness state of an IGP demonstrates the typical characteristics of an organisation fully achieving that outcome.

The ‘Partially Achieved’ (AMBER) readiness state of an IGP demonstrates the typical characteristics of an organisation partially achieving an outcome delivering specific worthwhile cyber security benefits but short of full achievement.

The ‘Not Achieved’ (RED) readiness state of an IGP demonstrates the typical characteristics of an organisation not achieving that outcome.


Rather than set prescriptive measures, the assessment takes a risk led approach to achieving the security outcomes. How the outcome is achieved is down to the business to decide but needs to take account of the risks and be able to justify the approach and decisions through evidence and good governance. It's important to note that not all Indicators are applicable to every company. It may be within your risk tolerance and appropriate to your organisation to target Partially Achieved for a particular contributing outcome. Because this is not a prescriptive checklist, there is a fair amount of analyst discretion in determining the level of achievement based on the available supporting evidence.

The engagement workflow will follow a defined process outlined below:


What are the benefits of a CRA?



Get a no obligation consultation

At Albrecht Burrows, we understand the complexity and urgency of cyber and privacy risks facing businesses today. Get a no obligation consultation with our experts to better understand how your business can increase your resilience to cyber and privacy threats and regulatory risks. Our team of experienced multidisciplinary professionals will work closely with you to create personalised risk management solutions tailored to your business' unique needs needs and budget. Don't wait until it's too late – schedule your no-obligation consultation today and take proactive steps towards protecting your business from cyber threats and privacy breaches.


Testimonials

What sets AB apart is their flexible and pragmatic approach - they share our values, our DNA, and they think outside the box. The team are highly skilled commercial lawyers who possess unparalleled expertise in regulatory areas, a deep understanding of business, and exceptional negotiation skills."

Regan Carey
Head of Legal and Compliance
Craigs Investment Partners

AB offers exceptional legal advice delivered by highly skilled and brilliant lawyers who are fantastic to deal with; personable, easy to talk to and compassionate. The commerciality of their advice is matched only by their commitment to simplifying the law and finding practical, creative solutions!

Tas Demos
Managing Partner
BDH Leaders


Meet Our Team

James A. Cole

Partner | Head of Cyber & Privacy

James is a lawyer, computer scientist, and criminologist practicing in cyber and technology, data protection and privacy, data breach response, and cyber insurance. With over 25 years of experience in information security and a multidisciplinary background, James combines technical and legal expertise to help clients navigate the complex and evolving cyber and privacy landscape.

James has handled hundreds of cyber and privacy breaches and is passionate about helping businesses build resilience to cyber and privacy risks.

Mark Anderson

Legal Consultant, Lawyer (NZ)

Mark is a highly awarded legal risk adviser and barrister. He is a leading expert in a variety of legal risk areas, including cyber, privacy and technology law.

Mark has provided incident response advice globally to clients in need, including those in Europe, Australia, New Zealand and across APAC, after developing global incident response panels drawing together legal, IT, Forensic and PR professions to manage cyber crises. He has managed some of the highest profile cyber breaches in Australasia.


Case Studies

1. Financial Institution Compliance: Our hybrid computer science – legal team members helped the client successfully map their current cyber maturity level and legal obligations, establish a maturity uplift roadmap in coordination with their IT provider, and worked with their insurance broker to complete accurate proposal form responses resulting in the successfully obtaining cyber insurance coverage for an affordable premium. 2. SaaS Company AI & Facial Recognition Compliance: We helped an Australian SaaS web app maker successfully navigate the complexities of international data protection laws as they apply to biometric information in retail virtual try-on technology minimising their overall privacy and data protection risks and helping the company implement a sound multinational expansion strategy aligned to the client's risk tolerance. 3. Transport Logistics Incident Response: Working with a prominent logistics company, we provided timely and compassionate advice and assistance in responding to a devastating ransomware attack from day 1 through to full recovery and post-recovery risk mitigation successfully returning the client to normal operations in less than one week with no regulatory actions or adverse media.

Data breach emergencies

If you have experienced a data breach, whether unintential employee errors, employee data theft, or you’ve been the victim of a cyber-attack, the first 48 hours is crucial. So don’t waste any time, just get in touch.

Reach out, day or night.

If you don’t reach us straight away, we will get in touch ASAP!

Email us on [email protected]

Breach emergency Line: 02 8318 5980

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Assessment Solutions

Policy and Process

Complaints

Breach Prevention and Response

Awareness and Culture


Terms and Conditions

We are required by the Legal Profession Uniform Law (NSW) (Uniform Law) to set out the following terms of our engagement for your acceptance or further negotiation.

In these Terms, references to Albrecht Burrows, "we", "us", "our" refer to Alliance Legal Pty Ltd (ABN ) trading as Albrecht Burrows of Level 12, 111 Elizabeth Street, Sydney NSW 2000.

This document, together with our General Terms of Business, sets out the terms of our offer to provide legal services to you and constitutes our costs agreement and disclosure pursuant to the Uniform Law. The Terms and the Accepted Options in this Proposal form the entire agreement between You and Us during our engagement and any references to the "Proposal" in this document refers to both the Terms and the Accepted Option.

By accepting this Proposal as set out herein and below in the Terms, you agree that this Proposal serves as a binding Costs Agreement and Disclosure under Schedule 1 of the Legal Profession Uniform Law (NSW) between Albrecht Burrows and You for the provision of legal services and may be enforced in the same way as any other contract.


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