The consequences for businesses are 'so severe' that employers now need to take radical steps, including 'exiting individuals who are just not getting it'.
That's the view of Frank Lombardo, chief technology officer at Melbourne-based Insignia Financial, who yesterday sat on the panel ofAustralians lost a record $3.1 billion to scams last year, up from $2 billion in 2021, according to the ACCC, and some of Australia's biggest corporations suffered disastrous data breaches in the last 12 months.Frank Lombardo, Chief Operating and Technology Officer, Insignia Financial at the AFR Cyber Summit.
Speaking about the catastrophic impacts on businesses if hackers gain access to IT systems, Lombardo said Insignia, a financial services firm, regularly tests its employees by sending them phishing simulation emails, to see who clicks on them.
"Ultimately, you need to recognise that if you've done everything that you can and if there's a weakness ... then you do need to take the appropriate action, because the consequences are severe if you get it wrong," Lombardo said. For some employees, he said, that can mean "performance management", or the more hardline act of "exiting individuals who are just not getting it"."If you don't, then [your company] will fail."
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