It is now more critical than ever that businesses take responsibility for, and shape the impact they have on the environment, their community, and stakeholders. Putting sustainable and responsible practices at the heart of the business is fast becoming a pivotal requirement for regulators, investors, and other stakeholders. While profit will, inevitably, always be a key indicator of success, it can no longer be the only benchmark.
Businesses must be held to account for their actions, impact, and the value that they bring to their market. By having an integrated and long term environmental, social and governance (ESG) strategy, our clients are taking an important step in shaping who they want to be, what they want to stand for and – critically - how other’s see them.
This means that all stakeholders, from consumers to prospective investors, will look at how businesses treat their employees, how diversity and inclusion measures are managed, the sustainability and environmental impact of the business, and any social value and governance practices. This scrutiny is not going away and is only set to intensify. Across most, if not all sectors, we can see investment decisions being influenced by those with robust ESG strategies - it is no longer an option to avoid these issues.
Despite making significant investments in security technologies, many of our clients continue to struggle with security breaches. Hackers are quick to evolve and in some respect the trend in working from home has facilitated this even further. Businesses IT Departments may soon be overwhelmed by the sheer volume, sophistication and difficulty of detecting cyber-attacks.
RSM understands the critical challenges you face. We have in-depth experience developing and customising our risk, ESG and cybersecurity solutions with your company, culture, processes and priorities in mind. In this month’s Risk Insider, we provide insights on ESG, Cyber Security and crypto the next payment. Please enjoy reading our insights.
ARTICLES AND INSIGHTS
Cyber security: Is your business safe?
Robust cyber security often gets overlooked by busy SME owners. But a data breach could have serious consequences.
Just because your business is small, doesn’t mean it’s safe from cyber attack. In fact, a cyber criminal may target small businesses because they’re less likely to have sophisticated cyber defences.
Read about what you can do to ensure your business is cyber secure.
Download the report >>
Is crypto the next payment option for businesses?
As we inch ever-closer to a cashless society – tapping our cards, phones and even watches to pay for goods and services – the question on everybody’s lips is: how long until we see a digital currency in Australia?
Continue reading >>
Grace period up: Owners of critical infrastructure assets required to report cyber security attacks
Businesses that own or operate assets captured by Australia’s expanded critical infrastructure security laws could face fines if they fail to report cyber security attacks to Australian authorities.
Read more >>
EVENTS AND SPONSORSHIPS
CMI: Emissions Reduction Summit 2022
25 - 26 June 2022 | ICC Sydney
RSM Risk Advisory team is a silver sponsor at this years CMI Summit. We hope to see you for another great event that continues the conversation on working towards net-zero.
SECTOR SPOTLIGHT - AGRICULTURE
CYBER SECURITY AND ESG IN AGRICULTURE SECTOR
With great technology comes great risk.
One of the more immediate factors that must be addressed by agribusiness across Australia is the growing role of technology and its use in different capacities across production, harvesting, distribution, and more. Whilst the increase in technologies are aiding many agribusinesses to get ahead it also comes with the increased risk.
Inadequate security can leave your agribusiness vulnerable to cyber attacks. This can lead to data breaches and subsequent financial losses for agribusinesses, which can be devastating.
Some simple cyber security measures to keep your agribusiness data secure:
- Don’t fall for email scams
- Ensure up-to-date anti-malware, personal firewall/security software
- Maintain strong passwords and multi-factor authentication
- Update your web browsers and operating software regularly
- Create backups
Environmental, Social and Governance considerations for the future of agribusiness
One of the other major changes that is occurring in the agriculture sector, much like other sectors, is the growing need to adhere to more stringent compliance measures. Central to this are the changing elements within environmental, social, and governance (ESG) sectors across agribusiness and their impacts on farming and growing practices and processes across the board.
Matthew Rutter Chief Executive Officer, Geraldton Fishermen’s Co‑operative (GFC) said, “Sustainability is arguably one of the most essential elements of the agricultural industry. We must engage in sustainable practices to ensure we can continue to produce goods for generations to come, or the industry will, in essence, cease to exist. The risk of a purely corporate agricultural industry is that it’s driven by profit.”
You can read more about the opportunities and challenges happening in the agribusiness sector in our 2022 State of Agribusiness in Australia here>