Do I Need A Cyber Security Policy?

If you’re an online business or utilise technology in your day-to-day operations, cyber security should be a top priority. Having your sensitive information and assets accessible online is convenient, but it also introduces several risks. 

Dealing with data breaches or cyber attacks can compromise your business’ performance and intellectual property, which can tarnish your reputation and have devastating consequences. Implementing a comprehensive Cyber Security Policy will help you mitigate the impact of data breaches or cyber attacks on your business. 

What Is Cyber Security?

In simple terms, cyber security is a business’ strategy to protect itself from online risks or threats. As a business, you store a wealth of valuable data online (such as clients’ personal information), so it’s crucial to invest in a robust cyber security plan that reduces any risk to this data. 

What exactly are online threats? They could include any of the following:

• Phishing emails
• Malware
• Ransomware
• Distributed Denial of Service (DDoS) attacks

But establishing or enhancing your cyber security is more than just data backups or strong passwords. It involves ensuring everyone in your workplace follows cyber security protocols – it’s a collective effort! 

You need to ensure everyone understands the importance of cyber security, their role in maintaining it, and is trained to respond to a cyber security incident. Implementing these procedures in the workplace and involving everyone in the process is the most effective way to bolster your cyber security. 

The best way to achieve this is to have a Cyber Security Policy that outlines these procedures in writing and is accessible to all employees or any contractors you may engage. 

What Is A Cyber Security Policy?

A Cyber Security Policy outlines the rules and procedures to follow to ensure online information and data is secure. This policy should typically address the following areas:

• Protocols for regularly updating systems
• Guidelines for asset protection
• Monitoring who has access to data
• Policies for remote work arrangements (consider a Work From Home Policy)
• Staff training programmes on cyber security 
• Information on cyber security insurance
• A Data Breach Response Plan
• Confidentiality agreements (such as a Non-Disclosure or Non-Compete Agreement)

A well-drafted Cyber Security Policy by a legal professional will ensure you address the key areas most vulnerable to data breaches or cyber attacks. If you work with contractors or external IT providers who access or manage your online data, having a Cyber Security Policy will help you minimise cyber security risks. 

Why Do I Need A Cyber Security Policy?

Most online businesses will require a Cyber Security Policy due to the nature of their operations. For instance, if your business is involved in any of the following, you’ll need to be vigilant about protecting your intellectual property and assets:

• Social media marketing
• Bring Your Own Device (BYOD) workplace policies
• IT security
• Remote work arrangements

These activities often involve storing significant information online and sharing it with various individuals, so a Cyber Security Policy will establish the ground rules for safeguarding these assets. 

It’s also generally sound business practice to protect your information, even if you don’t operate solely online. Even if the Privacy Act 2020 does not apply to your business, taking steps to secure your business information is crucial for your success. 

Need Help?

Establishing robust cyber security processes and having a comprehensive cyber security policy are vital steps in protecting your assets and intellectual property. Therefore, it’s advisable to consult with a lawyer who can help you draft a Cyber Security Policy tailored to your business’ needs. 

If you would like a consultation on your options, you can reach us at 0800 002 184 or [email protected] for a free, no-obligations chat.

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