In 2023, MinterEllison conducted its eighth annual survey to assess contemporary perspectives on cyber risk. In both 2022 and 2023, only around half of survey respondents ranked cyber risk as a ‘top 5’ priority.

However, as organisations face increasing exposure and risk as technology evolves, community expectations around data management grow, and regulators increase their scrutiny, organisations that regard cyber risk as a low or medium priority are vulnerable.

When a cyber attack occurs, you could have seconds to protect years of data”

Paul Kallenbach, MinterEllison Partner

In our report, our experts' advice is clear.

The threat of a cyber incident can no longer be classified as remote or novel. Cyber security and privacy by design must be embedded within the culture and planning of every organisation. Proactive and agile management and response to cyber risk are the new normal.”

Shannon Sedgwick, MinterEllison Consulting Partner

In addition, the financial impact of a data breach is significant. In 2022, the average total cost of a data breach across all industries globally was estimated to be $6.52 million.

Organisations must take steps to:

• combat cyber complacency and fatigue;
• elevate cyber security as a top priority; and
• implement measures to embed a culture of cyber security, including by promoting an understanding of and commitment to mitigating cyber risk across all levels of the organisation.

How can organisations manage cyber risk?

In Perspectives on Cyber Risk 2023, we examine our survey findings within the context of a rapidly evolving cyber landscape. We offer insights into recent regulatory responses and deliver practical guidance for organisations in preparing for, managing and mitigating high-impact cyber incidents.