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– vLog Transcript –
As a very interested cyber security onlooker, I remember the days when locking your front door was the most effective type of security, those days are gone.
Your door may shut, it may be locked, security guard at the ready, but, in the digital environment is your business really safe?
The answer is maybe, but is maybe good enough, well, the short answer is no.
My name is Farah Sobey and I’m here today talking with Tony Smales, founder and CEO of Forticode. Creators of the most revolutionary product in cyber security. Cipherise.
Firstly, can you tell us a bit about mandatory disclosure?
Mandatory disclosure is a legislative requirement that has been put down by the Australian Government. It’s designed to cause organizations to report a breach of information whether it be an internal breach against employees or against customer information. The goal of the legislation is when the breach occurs, the individual, if its of a serious nature, will actually be notified that a breach has occurred and the organization has obligations legal and also corporate to rectify the situation that caused the breach in the first place. The gray area is the definition of a ‘serious breach.’ The decision has been made is that if the breach impacts the person directly so it’s a piece of personal information ie: your address, tax file number, a bank account then that has serious implications back to the individual so that is where a data breach notification must occur.
What are the costs to business and do we know any hard facts on this?
The costs are multiple. In a reputation sense, the, in say an industry such as insurance, you will actually get a situation where a breach against one provider, will give opportunity to another provider to steal market share, in traditionally very difficult to leverage customers across, from one provider to another. There will be financial implications, so a particular breach can have a $300K or a $1.8m implication, depending on the type of breach and how it came about and then there is also the legislative process that will cause legal implications. One of the things that comes about on this is, is that cyber insurance, which currently protects and provides insurance back to organisations, will become harder to attain and what it will cover will start to get narrowed depending on nature of breaches and the frequency.
So they say the best medicine is prevention, how does Cipherise prevent this from ever being an issue?
So Cipherise is designed to allow people to take back control of the security information that allows them to access services. So the best example I can give, is your front door example, at the moment, you’ll hand out multiple keys to your house, so there will be 20 organisations that have the ability to provide information that you verify against. It says yes, I’m going to deal with the bank, the government or the employer. The goal of Cipherise is that we get rid of all of the copies of the keys and you end up with one, that you control personally.