Financial services companies and telcos are at the forefront of Australia’s cybersecurity fight. The problem is, they’re also the target of the worst attacks.
While most of us have only really woken up to cyber risks in the past 12 months, thanks to attacks on the likes of Optus and Medibank Private, they’ve been on the case for years.
The six shields include safer technology , protecting critical infrastructure and boosting Australia’s sovereign capabilities. The problem is, the two most high-profile corporate cyberattacks in Australia, Medibank and Optus, were on an insurer and the country’s second-biggest telco – the sorts of companies that are supposed to be at the forefront of the fight.The worst, Medibank, which saw private and sensitive health details of some of its customers released publicly, is regulated by APRA, which has had its prudential standard on information security in place since July 2019.
So, that’s why we have a government with the first-ever cybersecurity minister and a corporate regulator on the front page and ready to target boards over cyber failure. Customers are nervous about exactly who is holding their data and why, while small businesses are particularly worried according to O’Neil.
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