The threat keeping Australian CEOs up at night

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The threat keeping Australian CEOs up at night

The Sydney Morning Herald2022-10-18

The Optus hack is officially a nightmare for corporate Australia. And the chief executive of National Australia Bank, Ross McEwan, says the telco’s travails should galvanise every company in the ...

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Noobs
·2022-10-18
Probably gonna be a rough market coming up
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And the chief executive of National Australia Bank, Ross McEwan, says the telco’s travails should galvanise every company in the ...</p>\n\n<a href=\"https://www.smh.com.au/business/business/banking-and-finance/the-threat-keeping-australian-ceos-up-at-night-20221018-p5bqr0.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"XAO.AU","symbol_name":"标普/澳交所 普通股指数","start_time":0,"source_url":"https://www.smh.com.au/business/business/banking-and-finance/the-threat-keeping-australian-ceos-up-at-night-20221018-p5bqr0.html","article_id":"2276939193","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2276939193","pubTimestamp":1666072800,"columns":[],"sourceInfo":{"source_id":"smh_stock","name":"Sydney Morning Herald"},"weMediaInfo":null,"summary":"The Optus hack is officially a nightmare for corporate Australia. And the chief executive of Nationa","collect":0,"end_time":0,"defaultTopTitle":"smh.com.au","property":[],"viewcount":null,"language":"en","relate_stocks":{"XAO.AU":"标普/澳交所 普通股指数","XKO.AU":"标普/澳交所 300指数","XJO.AU":"标普/澳交所 200指数"},"translate_title":"让澳大利亚首席执行官们夜不能寐的威胁","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"XAO.AU":1,"XJO.AU":1,"XKO.AU":1},"content_text":"The Optus hack is officially a nightmare for corporate Australia. And the chief executive of National Australia Bank, Ross McEwan, says the telco’s travails should galvanise every company in the country into action.According to McEwan, cybersecurity is the one threat that “keeps chief executives up at night”. And given the flurry of breach disclosures since Optus revealed its troubles (Costa Group, Woolworths-MyDeal, Medibank) it has now become the risk de jour.Cyber breaches are now the number one accident waiting to happen for businesses and the number of incidents that are hidden by underreporting would prompt any corporate leader to wake up in a cold sweat.On any given month NAB has more than 50 million attacks on its digital channels, McEwan said on Tuesday. That equates to 600 million per year. And that is only one bank.National Australia Bank chief executive Ross McEwanCredit:Louie DouvisCustomers don’t have visibility on these attacks, which for the most part are foiled by the bank’s security systems. But as we have learned from Optus’ recent experience, some are successful and can wreak havoc on a company and its customers.The debate still rages between the government and Optus about the level of sophistication the hackers possessed. Either way the attack was dangerous.If, as has been argued, the Optus hackers were a clutch of rank amateurs, it is terrifying to think Optus’ cyber armour was not sufficient to repel them.If it was a professional hit, it’s arguably more of a problem because it makes protecting customers more difficult for any business.Since Optus put cybercrime in the spotlight, others have come forward to report cyber breaches.Woolworths subsidiary MyDeal.com.au was targeted in a string of cyberattacks across Australia last weekend. The Australian online retail marketplace said data was exposed when its customer relationship management system was accessed by a “compromised user credential”.On Tuesday, online wine seller Vinomofo disclosed it had joined the victim list when it found a major data breach in which an intruder accessed customers’ personal information including names, dates of birth, addresses and contact details.Neither hack was in the same league as Optus in terms of size or customer detail intimacy. And for hackers, infiltrating a large bank would be akin to hitting the jackpot.McEwan says NAB and its New Zealand subsidiary, BNZ are protecting customers with new technologies such as biometrics and a team of experts that monitor customer accounts 24/7 to detect unusual account activity. The other banks have similarly robust systems in place.That said, it isn’t a matter of if, but when.Australian Prudential Regulation Authority chairman Wayne Byres.Credit:Alex EllinghausenThe chairman of Australia’s Prudential Regulator, Wayne Byers told a parliamentary committee hearing last week a cyberattack on one of Australia’s financial institutions ‘will happen’ at some point in the future.“ Financial institutions, at least in a broader context, are quite advanced (in cybersecurity) but what we also know is that, at some point, some sort of event will happen. It doesn’t matter what sort of defences you’ve put in place,” he said.There is no end point. Instead, hackers and companies are locked into an arms race with both sides continuously sharpening their tools.Just as the banks, and other organisations, spend billions to fortify their defences the cyber criminals continue to evolve and improve the sophistication of their attacks.“For every attack or threat we stop, cyber criminals or countries behind them will launch another one using new and different methods,” McEwan said.In 2021, the reported figure of money lost to scams and cyber fraud in Australia was $1.8 billion. McEwan said considering an estimated one third of victims do not report being scammed, the actual figure is likely to be much more than $2 billion and growing every year.Underreporting by scammed customers is understandable given the humiliation of falling prey to thieves only one step more sophisticated than those posing as Nigerian princes. Of more concern is the reluctance of companies to admit their systems have been hacked.A recent survey carried out by PwC suggests Australian executives fear reporting breaches of cybersecurity will be harmful to their business because it will negatively affect profitability and market share.Such attitudes fly in the face of demands from governments and shareholders for greater transparency on security breaches. If McEwan is right about cyberattacks being the nightmare fuel for Australian businesses then CEOs will need to get used to coming clean when company defences are breached.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":9989444290,"gmtCreate":1666069642711,"gmtModify":1676537700821,"author":{"id":"4127112811461482","authorId":"4127112811461482","name":"Noobs","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"4127112811461482","authorIdStr":"4127112811461482"},"htmlText":"Probably gonna be a rough market coming up","listText":"Probably gonna be a rough market coming up","text":"Probably gonna be a rough market coming up","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9989444290","repostId":2276939193,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":1,"commentSize":1,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}