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Australia must keep up with its cybersecurity innovations as foreign hackers perceive them as a soft target.
Optus and Medibank Private were cyber-compromised weeks ago, announcing the hacking separately. However, as the days pass by, the damage of the threat becomes clearer. The hackers require the health insurer to pay a ransom of $15 million. They are threatening Medibank with a release of clients’ data if they fail to comply.
Following the firm’s refusal, the hackers, believed to be based in Russia, made good on their promise and began revealing data on 1,000 Medibank policyholders this week, allegedly including details of drug addiction therapy and susceptible medical procedures.
Meanwhile, scammers are accused of stealing thousands of dollars from people’s bank accounts using Optus attack data. On the other hand, Optus has been becoming more vigilant. They have allocated $140 million for exceptional expenses that include:
- Identity documents replacement
- Harm prevention for customers
- Recovery activities
Hackers throw some tantrums whenever they do not get the cash ransom they want. Experts are trying to alarm individuals to stay alert as hackers are capable of blackmailing and scamming not only big companies but also ordinary people.
The Australian government first underestimated the impact of cybersecurity breaches. “We are going through a difficult period now that may last for weeks, possibly months, not days and hours,” Home Affairs Minister Clare O’Neil said on Thursday.
Since the attacks, Medibank’s share price has dropped 20% as investors recognize the damage to its brand. If only Optus and Medibank have invested enough in their cybersecurity.
On Thursday, O’Neill warned that Australia is five years behind in its cybersecurity approach and promised a reform package that will include much more substantial penalties for firms.
The series of hacks have motivated the winds of cybersecurity in Australia to blow stronger.
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