Advertisement
Normal text sizeLarger text sizeVery large text size
Australian banks have been warned by the peak financial regulator to expect a "tougher approach" to security because of their poor "cyber hygiene" after it revealed there had been 36 serious reportable data breaches in four months since new regulation forcing their disclosure began.
It comes amid Australians being told in September to check their super balances after a young Melbourne woman was charged over her alleged role in a major fraud syndicate that hacked some of the country's biggest superannuation funds and stole the identities of thousands of consumers.
Australian Prudential Regulation Authority executive board member Geoff Summerhayes.Credit:Wayne Taylor
More than $10 million was ripped from retirement and share-trading accounts in the scam, a court was told as 21-year-old Jasmine Vella-Arpaci was charged with 53 fraud offences.
Computers at major superannuation funds REST Super and HESTA were allegedly accessed by a fraud ring as it siphoned off people's super, court documents showed then. The country's biggest retail sharebroker, CommSec, was also allegedly hacked by the ring and customers' data accessed.
Advertisement
Australian Prudential Regulation Authority executive board member Geoff Summerhayes, who has oversight of the general, life and private health insurance sector, revealed on Thursday that banks were "under siege" from cyber security attacks and that a new legally-enforceable information security standard on the financial sector, CPS 234, had uncovered 36 data breaches since it came into effect in July.
Jasmine Vella-Arpaci leaves the Melbourne Magistrates Court. Credit:Chris Hopkins
"Many of those were data breaches in ..
Support the originator by clicking the read the rest link below.
