The corporate regulator has put Australian business on notice that it will begin seeking punishments for hacked companies that hadn’t put sufficient protections in place.
The corporate regulator will seek to make an example of board directors and executives who are recklessly ill-prepared for cyberattacks, by taking legal action against compromised companies that did not take sufficient steps to protect their customers and infrastructure from hackers.
ASIC chairman Joe Longo says companies will face consequences if they are hacked after insufficient preparations.ASIC has only previously prosecuted one Australian company for slapdash cyber preparation, but Mr Longo will say his staff are seeking out breached companies that had cut corners.
Mr Longo and Ms O’Neil will tell the conference the hacks of telco giant Optus and health insurer Medibank last year were a wake-up call. At the time, Ms O’Neil accused Optus of leaving “the window open” for hackers to steal personal data, the sort of activity ASIC will now be targeting.Giving the most detailed insights into her aspirations for the Cybersecurity Strategy to date, Ms O’Neil will unveil six “cyber shields”.
“These shields will help protect our businesses, our organisations and our citizens,” Ms O’Neil will say. “It will mean that we have a cohesive, planned national response.” Detail about each shield will be released later this year.
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