As cybersecurity continues to affect the bottom line of many companies, the need to continually assess and improve your security posture is paramount. As cybersecurity threats and data security events continue to evolve, understanding the costs and resources necessary to respond to a data breach is essential. While incidents at government organisations or larger companies tend to get most of the coverage in the media, attacks on private and small to medium enterprises (SMEs) often result in more harmful reputational and financial damages.  

 
Recent data has shown how hackers and other criminal enterprises are increasing their focus on SMEs. SMEs are often softer targets as they typically do not have the same depth of controls and protections in place as larger companies to quickly identify and prevent a breach. Knowing the costs associated with potential attacks can help you understand the challenges you are up against, and develop a proactive risk strategy.
 
A recent study by RSM US found that:
  • The number of claims involving breaches from ransomware has increased dramatically in recent years.
  • Overall, ransomware was the leading cause of loss.  
  • Ransomware, business email compromise and staff mistakes were the leading cause of loss for SMEs, while large companies encountered hackers, malware and viruses and staff mistakes most often.
  • Health care, professional services and retail were the SMEs that filed the most cyber claims, while larger companies in health care, financial services and retail were most affected. 
     
Driving value creation through data analytics is becoming more and more a prevalent theme. Clients are actively seeking to understand what the story is within their business, markets, clients and competitors. Data delivers this story through reporting, visualisation, analysis, and closed-loop analytics. In short, data is needed to tell those stories, but it is not the story. Taking a new approach to data, reporting and analytics governance accelerates the pace of data delivery and use in the face of growing volume while increasing the quality of outputs and impacts. Our focus at RSM is on business insights, actions and outcomes.
 
Cheers,
Jean-Marc
Jean-Marc Imbert image
Jean-Marc Imbert
National Head of Risk Advisory Services

 

 

Mega Trends Digital Transformation bannerWhat are the challenges and opportunities of digitisation?
We sat down with Anthony Travers, Audit and Assurance Partner based in Sydney to get his insights on digital transformation and the three key components businesses should be thinking about on their digital transformation journey.
 
ARTICLES AND INSIGHTS
Cybersecurity for farmers and the agricultural industry articleCybersecurity for farmers and the agricultural industry
As farmers and rural communities transition towards greater reliance upon online technologies, the need to protect both their personal and organisational data is paramount. In this article, strategies are recommended to put forth a strong cybersecurity defence.
Fraud and Corruption Pressure Testing to Reduce 'Surprises' articleFraud and Corruption Pressure Testing to Reduce "Surprises"
The fundamental step in protecting an organisation and mitigating fraud and corruption control risks is understanding the type of fraud and corruption control risks that are prevalent to the organisation and assessing the counter measures currently in place to mitigate those risks. 
Have you considered your cyber security risk exposure? articleHave you considered your cyber security risk exposure?
While it’s assumed that your business may have risk management practices in place to identify and manage various risks associated with the business environment, have you considered your cyber security risk exposure?
Consumer Data Right Information Security Accreditation articleConsumer Data Right (CDR) Information Security Accreditation
Accredited Data Recipient (ADR) applicants must demonstrate the security effectiveness of their people, processes and technology and the key is to demonstrate security, whilst minimising the cost. This is a complex process - if you have any queries or require further assistance, continue reading here >>
 
thinkBIG report: Data Analytics
thinkBIG report: Data Analytics
Data analytics enables businesses to create a plan to solve virtually any business problem, from customer targeting to determining store locations.
Is your business using data to provide insights for decision making and problem-solving?

 

Payment Times Reporting Scheme
 
The Payment Times Reporting Act 2020 introduces a new Payment Times Reporting (PTR) Scheme which aims to improve payment outcomes for small businesses by creating transparency around payment practices.

RSM have developed a 6-step process to deliver our PTR solution and ensure you meet your obligations quickly and easily. We work closely with you using the latest statistical tools and data visualisation software. For more info, click here..

 

EVENTS AND WEBINARS
CFE Exam Review Course for Australia
Registrations are open for our 2021 courses!
Since a hugely successful partnership began in 2016, RSM Australia’s Fraud & Forensic Services continues to deliver this four-day course in Australia in 2021 through our facilitators as led by Roger Darvall-Stevens.
 
 
 
CFE Exam Review Course - Authorised Trainer logo

CLIMATE CHANGE AND SUSTAINABILITY SERVICES

We have recently updated our Risk Advisory webpages to showcase the wide range of services RSM offers to identify and manage business risks.

 
In this edition of Risk Insider, we focus on our Climate change and sustainability services page. Need more information on carbon risk management or guidance around national greenhouse and energy reporting? Click on the link below to find out more
 
Risk Insider Newsletter
Risk Advisory Insights