ASX top 100 to undergo cyber health check

ASX top 100 to undergo cyber health check | Insurance Business

ASX top 100 to undergo cyber health check
Australia’s largest listed companies are urged to play their part in building the cyber resilience of Australian businesses.

The Australian Stock Exchange (ASX) and the Australian Securities and Investments Commission (ASIC) have invited the ASX top 100 to take part in the ASX 100 Cyber Health Check, an industry-led initiative designed to benchmark the levels of cyber security awareness, capability, and preparedness of Australian businesses.

Participation to the cyber health survey is non-compulsory, with responses sought from companies by mid-December 2016.

Companies will be given a confidential report for assessing their own cyber security practices. The themes emerging from the report is expected to be released to the public in March 2017.

The survey was developed by ASX and ASIC in cooperation with representatives from the Department of PM&C, CERT Australia, and audit firms KPMG, Deloitte, EY, and PwC. It was based on a similar task implemented in the UK with the FTSE 350.

In a statement, ASX said the 100 ASX-listed companies are well positioned to lead national efforts to promote cyber security best practices within Australian businesses. It stressed the importance of protecting information assets for business sustainability and competitiveness. ASX also highlighted cyber security as a strategic risk management issue, relevant not just for IT departments but for boards.

Amanda Harkness, ASX group executive, said: “The ASX 100 Cyber Health Check has brought together Government, regulators, and industry on an issue of critical importance to Australian business and the millions of investors who hold shares in Australian companies. The sharing of best practice, and increased awareness and engagement by directors of listed companies are important steps in building the cyber resilience of Australian business.”

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