September 26, 2025
If you haven't heard of GRC, or you're unsure of its full implications, this article will open your eyes to the realities of GRC and why it can't be ignored. You'll also see the new risks of running a business that we all must face. And you'll see what you can do right now to protect yourself in the years ahead.
The Risk Is Now Personal
Running a business in regional Victoria is no longer "lower risk" than operating in Melbourne or Sydney. For years, regional businesses have been getting by with a patchwork of outdated security measures, hoping they would get by without getting noticed.
Those days are gone for two important reasons.
First, there is the rising wave of cyber threats. Every six minutes, a cybercrime is reported to the ACSC in Australia, and you can imagine how many more go unreported.
Every year regional businesses throughout Australia are relentlessly targeted by scammers. They know many small businesses are vulnerable to attack and they prowl around on the dark web looking for their next victim.
It's a worldwide pandemic, and those in regional Victoria are not immune.
The second reason you can't get by with a patchwork of outdated security measures is the recent changes to the Australian Privacy Act. There are now tougher penalties for mishandling customer or employee data, penalties that could easily cripple a business.
And regulators like ASIC now hold directors personally accountable when things go wrong.
Even high-profile leaders aren't immune.
For example, when Qantas faced a serious cyber-attack, its CEO took a $278,000.00 pay cut as punishment. That's the level of scrutiny now applied to governance and risk management.
For regional business leaders, the message is clear: ignoring governance, risk, and compliance (GRC) is no longer an option.
What Is GRC and Why Does It Matter?
Governance, risk, and compliance (GRC) might sound like corporate jargon, but it's a serious matter that all of us in business must address. At its core, it means:
- Governance → Setting clear accountability, policies, and oversight in your business.
- Risk Management → Identify what could go wrong (cyber-attack, fraud, system outage) and plan to prevent or minimise it.
- Compliance → Meeting the laws, standards, and regulations in your industry.
For a regional Victorian accounting firm, aged care provider, or construction company, GRC ensures your business is protected, trusted, and sustainable.
The New Business Reality in Australia
Here's what's changed in the landscape:
1. Stronger Privacy Laws
The Australian Privacy Act has been tightened to reflect modern threats. Breaches now carry hefty fines and long-lasting reputational damage. Mishandling sensitive client or patient information can no longer be brushed off as an "IT issue."
2. ASIC Targeting Directors
ASIC has begun pursuing company directors personally when governance and risk responsibilities are neglected. If you're on the board, your decisions (or lack of them) are under scrutiny.
3. Cyber Attacks Are Local
Regional doesn't mean invisible. Hackers target businesses of all sizes because small and mid-sized organisations often lack the robust security of big corporates. A single phishing email can lead to ransomware, lost data, and days of downtime.
4. Community Trust Is Fragile
In smaller towns and regions, reputation is everything. A breach of trust through poor risk management doesn't just lose customers, it damages your standing in the local community.
Real-World Consequences for Leaders
As I mentioned before, when Qantas suffered a cyber-attack, it wasn't just an IT issue. It hit the CEO's pay packet by $278,000.00. For regional businesses, the consequences might not be a pay cut, but they could be worse:
- Directors are being fined personally
- Loss of insurance coverage if compliance isn't demonstrated
- Contracts are lost when you can't prove security standards
- Community backlash when sensitive data is leaked
In short, governance, risk, and compliance is no longer paperwork. It's about protecting you personally as a leader.
Why Regional Businesses Are at Higher Risk
- Limited IT resources compared to metro businesses
- Over-reliance on key individuals (if one person is away, controls fall through)
- Lower awareness of cyber compliance obligations
- False sense of security ("We're small, who would target us?")
Unfortunately, regulators don't care where you're based. If you handle personal data or financial information or operate in regulated industries like aged care or accounting, you're expected to comply.
So how do you bring GRC into your business without drowning in red tape? And without cutting productivity?
Build a Culture of Governance, Risk, and Compliance
1. Start at the Top
Leadership must own risk and compliance. It's not an "IT problem", it's a board-level responsibility.
2. Identify Your Risks
From cyber-attacks to staff fraud to system outages. Map out the top risks and their impact.
3. Implement Controls
Simple steps like multi-factor authentication, staff awareness training, and documented policies go a long way.
4. Document and Prove Compliance
Regulators and insurers want evidence. Keep records of your controls, audits, and improvements.
5. Partner With Experts
Regional businesses don't need to go it alone. A managed IT partner with ISO 27001-level governance and experience in Essential 8 compliance can bridge the gap.
The Business Case for GRC
Governance, risk, and compliance isn't just about avoiding fines. Done well, it:
- Protects directors and owners personally
- Builds trust with customers and the community
- Opens doors to new contracts and partnerships (many require compliance)
- Improves resilience when things go wrong
- Future-proofs your business as laws and standards tighten
Conclusion: Don't Wait for a Crisis
If the CEO of Qantas can lose a quarter-million dollars over governance failures, no business leader is immune.
Regional Victorian businesses need to act now. With stronger privacy laws, ASIC scrutiny, and community expectations, GRC is the difference between a trusted, resilient business and one that ends up in headlines for all the wrong reasons.
At T4 Group, we help regional businesses implement practical, effective governance, risk, and compliance frameworks — giving you the confidence that your business, your clients, and your reputation are protected.
If you need expert cybersecurity support, click here or call us at 1300 765 014 to schedule a 15-Minute Discovery Call with our dedicated team now.
