Cyber Risk Is a Business Risk, Not Just an IT Problem
Cybersecurity isn’t just for the IT team – it’s a major business risk. As businesses collect more sensitive financial and client data, the impact of a cyber breach can be enormous, both in cost and reputation.
Key Risk Areas to Watch
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Human Error
- Most cyber incidents begin with people – phishing emails, malware downloads, payment fraud.
- Regular, realistic training helps staff spot and avoid these threats.
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Legacy Systems
- Older software and unsupported operating systems are a big vulnerability.
- Apply critical patches quickly, retire outdated devices, and ensure your systems are up to date.
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Visibility & Monitoring
- Without good logging and alerts, threats can go undetected for months.
- Monitor unusual activity (for example, logins from unexpected locations) and set up a process to respond fast.
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Incident Response Planning
- Have a plan that defines who acts, how they act, and how communication happens in a breach.
- Test it regularly – that way, when something happens, your team is ready to contain, investigate, communicate, and resolve.
Making Cybersecurity Part of Your Strategy
Cyber risk must be part of your broader business strategy, not an afterthought. A holistic plan includes:
- Staff training
- Technology upkeep
- Data-handling policies
- Monitoring systems
- A tested response plan
What Simmons Livingstone Can Do for You
While Simmons Livingstone doesn’t provide deep technical cyber-security services, you can lean on us in several strategic ways:
- Business Advisory: Our expert consultants can help assess your business risk, integrate cyber risk into your financial planning, and guide decisions about investment in risk management.
- Accounting & Cash Flow Advice: We help model the financial impact of cyber risk, ensuring you’re budgeting appropriately for both prevention and recovery.
- Structuring & Governance: Our business consultancy services include structuring your operations in a way that supports strong risk governance and compliance.
For business leaders, prioritising cyber risk isn’t just about avoiding data loss. It’s about protecting customer trust, preserving your brand, and securing the financial future of your company. As technology becomes core to operations, managing cyber risk becomes a competitive advantage as much as a necessity. To discuss further, call 1800 618 800 or email admin@simmonslivingstone.com.au.
