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Industry Update - Issue 138 - Jun/Jul 24

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AUSTRALIA'S LARGEST CIRCULATING MANUFACTURING MAGAZINE

Issue 138 Jun/Jul 2024 $12.00 inc. GST

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Gaol for negligent directors : $3M+ revenue

Time to take cyber security seriously

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ith manufacturing facing an unprecedented onslaught of cyberattacks, investment in cybersecurity has never been more important. But now there is one more reason – and a very personal one for directors: the growing risk of serious penalties and even jail time in cases of gross negligence. The federal government has been ramping up privacy and cybersecurity rules in recent years,

• Materials Handling • Adhesives • Power Tools

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most recently with the Notifiable Data Breaches scheme and the Security of Critical Infrastructure Act. Harsh penalties cannot be dismissed as a problem just for big businesses. Companies with turnovers of $3 Cyber Security Presenter: million or more can be Shane Williams subject to fines of up to $50 million for the business, with directors liable for up to $2.5 million, removal from the board, or even imprisonment for gross negligence leading to significant financial loss or damage to shareholder value. Authorities are gearing up for enforcement, with ASIC Chairman Joe Longo telling The Australian Financial Review Cyber Summit in September 2023 that “cyber resilience has got to Continues on page 14

How to choose the best tools storage

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Southwell Lifts & Hoists celebrates 80 years of innovation

Talk about innovation! Australian IT consulting company, Central Innovation provides a platform for innovative thinking through ‘Thought Leadership’ event.

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Shannon Reshno, Chief n inaugural Operating Officer, Central event held in Innovations Victoria and attended by over 100 delegates from a variety of local businesses showcased an enlightening resource of high caliber experts in innovative and lateral thinking. The event addressed some of the most burning questions that keep technical and business leaders awake at night. Continues on page 16

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AN N O U N C I N G INDUSTRIAL N TIO TRANSFORMA2025 AUSTRALIA EY

EXPLORE 25,000 INDUSTRIAL ELECTRICAL & AUTOMATION PRODUCTS quality brands, supported by local service teams. lappaustralia.com.au 1800 931 559

22 –24 JU LY 2

02 5 , S Y D N

SCAN TO EXHIBIT OR

PREREGISTER TO ATTEND

A Hannover Messe trade show for manufacturers, technology providers, and thought leaders to exchange ideas and best practices, build new networks and catalyse opportunities for innovation.


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Industry Update - Issue 138 - Jun/Jul 24 by Industry Update - Issuu