Cybercrime: Is your business prepared?

By Justin Ware. Published at Feb 11, 2019, in Technology

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Late last week, the Australian government was hit by a cyberattack.

While the true cost is yet unknown, it’s feared that the parliamentary network – which is used by every MP – may have been compromised during the ‘sophisticated’ attack.

To further compound the breach, the Australian Signals Directorate (the government’s key pillar in its cybersecurity defence) had moved to lock down the parliamentary network in recent days, suggesting that the parties responsible may have an inside track in the nation’s capital.

Due to the cunning nature of the attack, leading agencies believe it could have originated from China.

“The Department of Parliamentary Services and relevant agencies are working jointly to take the necessary steps to investigate the incident, while our immediate focus has been on the security of the network and protecting data and users,” House Speaker Tony Smith and Senate President Scott Ryan said.

“There is no evidence that any data has been accessed or taken at this time, however this will remain subject to ongoing investigation,” the duo said.

These events have once again brought forward the question: if the Australian government cannot protect itself from a cyberattack, then who can?

Opposition Leader Bill Shorten described the attack as a huge wake up call for small and medium-sized businesses (SMEs).

“They don’t have the budget of the Parliament of Australia. If I’m prime minister I’m going to invest a lot more in the cybersecurity of our small and medium sized enterprises.”

Thankfully for SMEs, WhiteHawk (ASX:WHK) has identified this pressing need.

The company has established the world’s first online cybersecurity exchange, working with SMEs to assess and identify security liabilities before providing solutions to protect their data.

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S3 Consortium Pty Ltd does and seeks to do business with companies featured in its articles. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this article. Investors should consider this article as only a single factor in making any investment decision. The publishers of this article also wish to disclose that they may hold this stock in their portfolios and that any decision to purchase this stock should be done so after the purchaser has made their own inquires as to the validity of any information in this article.

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