Westpac Acquires Cyber Security Firm
by Jim Bulling and Julia Baldi
Westpac has acquired an 11% stake in cyber security firm QuintessenceLabs.
See the Business Insider article here.
Reports and Surveys Update
by Jim Bulling and Julia Baldi
Tred Micro Q1 2015 Report
Trend Micro Q1 2015 Report finds Australia is the target of increasing ransomware attacks, with Australian holding 6% of the world’s ransomware detections. Australia also ranked second in the world for countries with the highest number of Point of Sale RAM Scraper infections (malware which sources card details) with 10% of the world’s infections, after the United States with 23%.
See a summary of the report here, and the full report here.
Blue Coat Systems Inc
Blue Coat Systems, Inc., released result of a global research study of 1,580 respondents across 11 countries. Results from the survey found that universally, workers visit inappropriate websites while at work despite typically being fully aware of the risks to their companies.
See the media release here.
Cyber Resilience for Financial Services Entities
by Jim Bulling and Julia Baldi
ASIC Report 429
In March this year, the Australian Securities and Investments Commission (ASIC), issued Report 429 Cyber resilience: Health check (REP 429). The report aims to highlight the importance of cyber resilience for entities regulated by ASIC, including Australian Financial Services Licence holders, Australian Credit Licence holders and listed entities. The Report indicates that ASIC is keen to ensure that Australia keeps pace with developments in Europe and the United States in combatting cybersecurity risks.
Click here to read the full article.
Breaches Update – May 2015
by Jim Bulling and Julia Baldi
Pacnet
Pacnet, a subsidiary acquired by Telstra in April 2015, was hit by a major data breach affecting thousands of customers including The Australian Federal Police and government agencies. The breach occurred two weeks before the deal to acquire Pacnet by Telstra was finalised but was not disclosed to Telstra. Telstra is reportedly considering its legal options in respect of both the breach and the non-disclosure by the vendors.
See the Sydney Morning Herald article here.
Airline Computer Hacking
The FBI has alleged that a cybersecurity researcher had hacked into airline computers 15-20 times causing aircrafts to climb against pilot instructions.
See the report here.
Government Regulation, Legislation and Enforcement Updates
by Jim Bulling and Julia Baldi
Australian Federal Government Cybersecurity Review
The Australian Federal Government holds a Cybersecurity Review.
See the Australian Government’s summary of the review here.
SEC Guidance Update
The SEC’s Investment Management Team published a Guidance Update which outlines measures managed funds and investment advisers may wish to consider in addressing cybersecurity risk. The guidance includes practical tips applicable to Australian entities.
See the Guidance Update here.
Australia Cyber Attack Statistics
by Jim Bulling and Julia Baldi
New statistics show cyber attacks on Australian businesses increased by 20% in 2014.
See the ABC report here.
European Union Cybersecurity Dashboard Report
by Jim Bulling and Julia Baldi
The Business Software Alliance, European Union cybersecurity dashboard: A path to a Secure European Cyberspace published by the BSA. The report aims to allow government officials in each of the EU Member States with an opportunity to evaluate their country’s policies against these metrics, as well as their European neighbours. The report is an interesting read for Australian companies holding, or considering holding, data in Europe.
See the report here.
UK Government Issues Cybersecurity Insurance Report
by Jim Bulling and Julia Baldi
The UK government has issued a report on cybersecurity insurance which details new joint initiatives between government and the insurance sector to help firms get to grips with cyber risk. The report encourages businesses and financial institutions to review their risk management processes and seek to obtain ‘Cyber Essentials certifications’ from insurers to ensure adequate cybersecurity is in place.
View the Press Release and Report.
Primera Blue Cross Cyberattack
by Jim Bulling and Julia Baldi
Primera Blue Cross, a U.S. health insurer announced up to 11 million customers could have been affected by a cyberattack, with hackers gained access to its computers on May 5 2014, and the breach only being discovered on January 29 2015. Affected customers are eligible for two years of free credit monitoring and identify theft protection services.
See the Primera press release here and a CIO article on the breach here.
Reports and Surveys Updates
by Jim Bulling and Julia Baldi
The Emergence of Cybersecurity Law Report
The Emergence of Cybersecurity Law report released by Hanover Research outlines trends and strategies in respect of in house counsel’s involvement in companies’ cybersecurity efforts.
See the report here.
Eurobarometer report on cybersecurity
European Commissions publishes special Eurobarometer report on cyber ecurity which shows EU citizens have significant concerns about cybercrime threats.
See the report here.