The Neglected Importance of Cybersecurity as the Top Risk
“Relying on fines and penalties hasn’t made Australians safer; we need a system encouraging co-investment in security and resilience measures for the protection of both individuals and the national interest,” Mr Berroeta said.
Richard White, a founder and chief executive at $25 billion software group WiseTech Global, said “no one is completely impervious” to a cyberattack and called on the government to outlaw ransom payments to cyber criminals.
“Governments could help massively by banning the payment of ransoms that incentivise criminals and the use of cryptocurrency to pay the cyber criminals, as this is the mechanism by which the ransomware actors can get paid anonymously, secretly and undetectably,” Mr White said.
The comments were made as part of The Australian Financial Review’s annual Chanticleer survey of more than 50 top Australian CEOs, including the big banks and major miners, examining the burning issues for 2024.
When asked to name a risk or trend not getting the attention it deserves, the most common answers were cybersecurity threats, healthcare, productivity and housing.
Telstra CEO Vicki Brady said the rapid growth in data and AI presented opportunities for both business and society more broadly. However, it was not without risks.
“I don’t call it out because it’s not getting enough attention – I just want to reinforce how crucial it is that we balance the opportunity with the risks across everything from data protection and security risks to mitigating bias and discrimination,” Ms Brady said.
“The ethical development and application of data and AI is front-of-mind for leaders and on the agenda for boards everywhere.”
Healthcare time bomb
Wesfarmers CEO Rob Scott said Australia’s ageing population and future healthcare requirements, talked about for years, needed state and federal governments “forward-thinking” now.
“There is an enormous benefit to wellbeing, productivity and government budgets if we make healthcare more accessible and affordable,” Mr Scott said.
“We should aspire to be the healthiest country, and the business case if we deliver on this will make Australia not only the best place to live, but also the most competitive nation.”
That fact is also not lost on the country’s big listed health insurers: both Medibank Private CEO David Koczkar and his counterpart at NIB, Mark Fitzgibbon, said not enough was being made of the likely increase in health expenditure as the population got older.
“The ballooning costs for future generations of providing healthcare to an ageing population – as a nation we are currently spending 10.7 per cent of GDP on health,” Mr Koczkar said.
“Health expenditure is expected to grow by more than 30 per cent over coming decades. If we don’t do anything, we will simply be transferring a huge and growing debt burden onto future generations, or be forced to reduce the quality or access of care that we currently receive in this country.”
Mr Fitzgibbon said healthcare reform was necessary.
“We are simply running out of taxpayers to fund an ongoing heavy reliance on government funding,” he said.
“We should be thinking of the challenge as we did the age pension. That is, incentives for people to take increased responsibility for not only self-funding their healthcare but improving their health and wellbeing.”
The Australian Financial Review recently conducted its annual Chanticleer survey, which involved interviewing over 50 top Australian CEOs, including those from major banks and mining companies. The survey aimed to identify the key issues that these CEOs believe are not receiving enough attention. Among the most common answers were cybersecurity threats, healthcare, productivity, and housing.
Telstra CEO Vicki Brady highlighted the rapid growth of data and artificial intelligence (AI) as an area of opportunity for both businesses and society. However, she also emphasized the need to balance these opportunities with the associated risks, such as data protection and security risks, as well as mitigating bias and discrimination in AI applications.
Meanwhile, Wesfarmers CEO Rob Scott drew attention to Australia's ageing population and the future healthcare requirements that come with it. He stressed the importance of state and federal governments taking a forward-thinking approach to address this issue. Scott believes that making healthcare more accessible and affordable would have significant benefits for wellbeing, productivity, and government budgets. He envisions Australia becoming not only the best place to live but also the most competitive nation by delivering on this goal.
The CEOs of major health insurers, Medibank Private and NIB, also expressed concerns about the increasing healthcare expenditure due to the ageing population. They emphasized the need for healthcare reform to address this issue. Medibank Private CEO David Koczkar pointed out that healthcare expenditure is expected to grow by over 30% in the coming decades. Without taking action, future generations will bear a significant debt burden or experience reduced quality or access to care. NIB CEO Mark Fitzgibbon added that relying heavily on government funding is not sustainable in the long run, and individuals should be encouraged to take more responsibility for funding their healthcare and improving their health and wellbeing.
In addition to these issues, cybersecurity threats were identified as a significant concern by several CEOs. They called for a system that encourages co-investment in security and resilience measures to protect individuals and the national interest. Richard White, CEO of WiseTech Global, suggested that governments should ban ransom payments to cybercriminals and the use of cryptocurrency for anonymous payments.
Overall, the CEOs highlighted the need for attention and action in addressing these pressing issues to ensure a secure and prosperous future for Australia.




