“In Australia and internationally, financial institutions and regulators are focusing on strengthening the resiliency of individual institutions and the financial system to a substantial cyber attack.
“To date, cyber incidents have caused only limited disruptions and financial losses for a small number of institutions.”
Hackers have used the cover of the coronavirus pandemic to exploit key weaknesses in the digital infrastructure of the nation’s finances.
The first yearly review from the government’s industry-led Cyber Security Industry Advisory Committee showed the centre responded to 1786 cyber security incidents between June 2020 and May 2021.
It’s a situation committee chairman, and Telstra chief executive, Andy Penn said must be arrested, with attacks costing the economy up to $3.5 billion.
In late 2020, a cyber hit forced the collapse of Levitas Capital, a high-performing hedge fund that traded the so-called “fear index”.
The Sydney hedge fund collapsed after a cyber attack triggered by a fake Zoom invitation saw its trustee and administrator mistakenly approve $8.7 million in fraudulent invoices.