RBA warns Australia is at higher risk of cyber attacks
6 years, 4 months ago

RBA warns Australia is at higher risk of cyber attacks

ABC  

Australian businesses and households are at increased risk of cyber attacks, says RBA assistant governor Michele Bullock, and this could threaten financial system stability. "Global growth could contract sharply for a number of reasons, including escalating trade tensions or financial instability in China," she said. "This would impact the highly indebted household sector as well as the balance sheets of financial institutions," she said. Banks yet to feel financial pain post-royal commission While the royal commission has brought to light some poor behaviour by the Australian banks, the direct financial impact on them had been "relatively modest" so far," Ms Bullock said.

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History of this topic

Banks most affected by cybersecurity incidents: Economic Survey
1 month, 3 weeks ago

Banks most affected by cybersecurity incidents: Economic Survey

The Hindu  

The Economic Survey 2024-25 said banks were the most affected by cybersecurity incidents with reports indicating that almost one-fifth of all reported cyber incidents involve financial institutions. Economic Survey 2024-25 Highlights “These threats, ranging from phishing and ransomware to Distributed Denial of Service attacks, SMSing, and fake/malicious mobile applications, pose serious challenges to the financial system’s stability,” the report said. …

Major bank raises alarm bell on cyber 'warfare': Claims 'entire community is at risk'
8 months, 3 weeks ago

Major bank raises alarm bell on cyber 'warfare': Claims 'entire community is at risk'

ABC  

Australia's big four banks are under constant attack, says the National Australia Bank's executive for group investigations, Chris Sheehan. Australia's big four banks, it has been revealed, are being bombarded by cyber attacks every minute of every day, leaving customers increasingly vulnerable to scams. "From, being colloquial, Larry the loser, in the basement at home that's having a bit of …

RBI warns banks of cyberattacks, scheduled commercial banks at highest risk
8 months, 3 weeks ago

RBI warns banks of cyberattacks, scheduled commercial banks at highest risk

Hindustan Times  

Banks across India are on high alert with the Reserve Bank of India announcing possible cyber attacks, the Economic Times reported, adding that the banks have been told to constantly monitor their systems like SWIFT, the card network, RTGS, NEFT and UPI. The financial sector reported more than 20,000 cyber attacks in the last 20 years, resulting in losses of …

Are Australians at a 'turning point' on cybersecurity or still unprepared?
4 years, 2 months ago

Are Australians at a 'turning point' on cybersecurity or still unprepared?

ABC  

Australians are on high alert about the threat of cyber attacks following Prime Minister Scott Morrison's warning in June that Australia was targeted by a sophisticated "state-based" cyber-attack. Key points: An average of 164 cybercrime reports are made by Australians every day according to the Australian Cyber Security Centre Ransomware has become the biggest threat, used by criminals to lock …

Australia says an unnamed state is increasing cyberattacks on its infrastructure, businesses
4 years, 9 months ago

Australia says an unnamed state is increasing cyberattacks on its infrastructure, businesses

LA Times  

“A sophisticated state-based cyber actor” is targeting Australia in an escalating cyber campaign that is threatening all levels of government, businesses, essential services and critical infrastructure, the Australian prime minister said Friday. Morrison said that “Australia doesn’t engage lightly in public attribution” but that he couldn’t control speculation about who was responsible for the cyber campaign. Defense Minister Linda Reynolds …

Analysts believe banks can withstand coronavirus shock but high debt levels leave few buffers
4 years, 11 months ago

Analysts believe banks can withstand coronavirus shock but high debt levels leave few buffers

ABC  

It's the sharpest and swiftest economic downturn anyone alive has seen — a sudden shutdown of large swathes of the economy, with a property price crash looming, businesses collapsing and jobless rates forecast to hit levels akin to the Great Depression. Key points: Analyst Brian Johnson says Australian banks are holding more cash than they used to The Reserve Bank …

Cybercrime: National integrated response needed says former US ambassador Jeff Bleich
8 years ago

Cybercrime: National integrated response needed says former US ambassador Jeff Bleich

ABC  

Australia and the rest of the world are mostly playing defence when it comes to cybercrime, warned the former United States ambassador to Australia Jeffrey Bleich. "A lot of times within an industry, people will be afraid that if it gets out that they have been compromised or breached, that if they share that information it would give an advantage …

Managing risk in banks
8 years, 2 months ago

Managing risk in banks

The Hindu  

The Reserve Bank of India’s biannual Financial Stability Report has once again flagged the fact that risks to the banking sector remain worryingly “high”. There has been no perceptible improvement in the health of domestic banks, even six months after the RBI’s previous report had highlighted the sector’s high vulnerability on account of the increase in capital requirement and worsening …

MHA red flags vulnerabilities, asks e-commerce companies to beef up cyber security
8 years, 2 months ago

MHA red flags vulnerabilities, asks e-commerce companies to beef up cyber security

India TV News  

Amid an exponential increase in number of digital transactions post demonetization, the Ministry of Home Affairs has asked digital payment and e-commerce companies to beef up their cyber security. Deputy National Security Advisor Arvind Gupta had recently red-flagged the vulnerability of banking industry which has rapidly gone digital over the years. "Cyber security issues are now top of the national …

Serious cyber attack has potential to cause same damage as terrorist attack, Dan Tehan says
8 years, 4 months ago

Serious cyber attack has potential to cause same damage as terrorist attack, Dan Tehan says

ABC  

Australia's defences against cyber attacks need improving if it is to keep up with the growing threat of online crime and espionage, says the Minister assisting the Prime Minister for Cyber Security Dan Tehan. Key points: Dan Tehan warns Australia was not immune to cyber attack 1,095 security incidents on Government systems were recorded last financial year Malcolm Turnbull reveals …

Chinese banks a bigger risk to Australia than domestic ones: RBA
8 years, 5 months ago

Chinese banks a bigger risk to Australia than domestic ones: RBA

ABC  

The Reserve Bank is more relaxed about Australian household finances than it was six months ago, but more worried about the threat of a Chinese debt crisis. Key points: Risky home lending at the lowest level in almost a decade Bank losses likely to be less than $3b in an extreme inner-city apartment crash Chinese banking risks rising, pose threat …

UK and US Bankers fear cyber attack more than economic crisis
9 years, 3 months ago

UK and US Bankers fear cyber attack more than economic crisis

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. The Banking Banana Skins survey of 627 bankers, observers …

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