Month: November 2022

 

What is cyber resilience?

Cyber resilience promotes business continuity, organisational security, and information systems under one unit. The concept is based on providing outcomes despite challenging cyber events, including economic slumps, natural disasters, or cyber-attacks.

Cyber resilience is essential when it comes to ensuring seamless business continuation. The benefits aren’t limited to mitigating financial loss. It also helps reduce the risk of exposure to critical business infrastructure. Moreover, a cyber-resilience company can instil trust and loyalty in its clients. A cyber-resilient company also increases your business’s values and increases your business’s competitive advantage.

What is cyber security?

On the other hand, cyber security is the process of defending your electronic devices and data against malware and malicious attacks. The terms extend to a variety of applications. Some typical applications include network security, information security, and operational security.

Cyber security contains three types of cyber threats: cybercrime, cyber-attack, and cyber-terrorism. These pose potential threats to your computer system when malicious software gain control of your system.

Difference between cyber security and cyber resilience

Cyber security is protecting your business assets, servers, databases, customer information, electronic devices, websites, apps, and data from cyber-attacks. It focuses on dynamic solutions that:

● Protect your business from potential hackers and information leaks
● Combat the expansion of cyberattacks like SQL injections, phishing, malware, etc.

In contrast, cyber-resilience refers to the ability of a business to detect, create risk plans for, respond to, and recover from cyber-attacks. Cyber resilient companies can reduce the impact of a cyber-attack and quickly bounce back from it.

How to build a cybersecurity and cyber resilience program

Integrating effective strategies to ensure the optimal security of your business from cyber threats is crucial. A cybersecurity strategy can help you prevent malicious risks, while a cyber resilience strategy can enable you to mitigate the potential effects of these attacks. So, your company needs to have backup plans for both.

The below steps can help you integrate these strategies into your business process.

● Protect backup data

Data protection is an essential tenant of cyber security. If a cyber-attack occurs, saved data will help to resume your normal business operations.

For instance, if your business was hit with an SQL injection — a type of cyber-attack that takes control of and steals data from your database, your data would be exposed, allowing hackers to leak it online or send you a ransom demand.

Protecting your data would come in handy during this time. Plus, regularly checking your data and storing it on a separate network can help restore your database and ensure better cyber resiliency.

● Discuss mitigation and prevention processes

Cyber security and resilience can only be achieved when everyone in your company is on the same page. They need to understand how important this step is to defend themselves against a cyber-attack.

So, if you want your business to be cyber-resilient, you should ensure your board members understand the right metrics and information. It would be best to explain to them the business risks associated with a lack of cyber resilience and security.

● Simulate a security breach incident

If you simulate a practical example of how your business can be affected in the event of a cyber-attack, it will help you develop strategised cyber resilience plans.

You can also escalate a potential security breach to notify clients and investors while making everyone feel involved.

The takeaway

Cyber resilience and security are essential to business success and data protection. But they aren’t the same thing. Cyber security is the practice of preparing for cyber-attacks, while cyber resilience is about recovering from them.

Businesses need to implement both practices to ensure they can provide their customers with as much security as possible.

Contact our friendly team of trusted advisors on 03 98859793 or at enquiries@glanceconsultants.com.au to discuss your needs and our full service offering.

 

Are you thinking of investing in the Australian property market? If so, understanding key concepts such as negative and positive gearing can help you make wise decisions in relation to your property investment plans in the long run. So, let’s have a look at what these terms mean.

 

Understanding Negative Gearing

Gearing means borrowing to invest. In terms of negative gearing, the investor has to put some surplus cash into supporting the investment. That happens because your rental income from the investment property is less than the expenses of holding that property.  

These expenses normally include your loan repayments, which includes the interest expenses on that loan. It can also include other rental property costs such as agent fees, rates, insurance, maintenance costs etc.

If the property expenses which include interest costs and depreciation is greater than the rental income, your investment property is considered to be negatively geared. In short, a negatively geared property will require you to contribute additional funds from your back pocket each year.

 

Understanding Positive Gearing

Contrary to negative gearing, positive gearing adds to your annual income, which means the net return from your investment surpasses its expenses. Hence, you do not need to contribute additionally to holding costs or loan repayments.

 

Which Investment Option Should You Choose?

Focusing on your investment strategy is crucial. You might wonder why you would invest in a property that is negatively geared but choosing between negatively and positively geared investment properties solely depends on your long-term goals.

If you’re hoping to earn extra income from your investment property each year, then you may be best placed to look at positive gearing. Although finding a positively-geared property that still has good growth potential can be challenging.

On the other hand, negative gearing can help to minimise your taxable income and may have more growth potential long term. For this reason, negative gearing is traditionally favoured by individuals who don’t need extra annual income but would like to see the value of their investment property increase long-term.

 

What Should You Consider Next?

Before moving forward with any type of investment, it’s important to do your research. We recommend reviewing your financial capacity to ensure that you could service an investment property throughout changing market conditions.

It’s also worthwhile thinking about those unexpected costs relating to having an investment property, such as a sudden surge in Body Corporate contributions if you’re looking at an apartment or townhouse. Other costs like land taxes and landlord insurance cannot be passed onto tenants and need to be factored into your calculations. 

The good news is that we are able to support you throughout the process of securing an investment property. There are many pitfalls that can be avoided with proper advice.

Contact Glance Consultants today to get the right advice and help with your business on 03 98859793 or at enquiries@glanceconsultants.com.au