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Central banks and financial services companies will participate in a government-led exercise to prepare for potential cyber-attacks.
Several major cyber attacks have exposed millions of Australians’ data, including Latitude Financial, Medibank, and Optus customers.
Home Affairs Minister Clare O’Neil states that the Australian population is becoming more
knowledgeable about cyber attacks.
Ms O’Neil noted that Optus, Medibank, and Latitude have all had data breaches that resulted in data theft from millions of Australians; almost every Australian adult or family member has likely been affected by a cyber attack.
“We have encountered three significant data breaches with severe consequences that are a genuine and massive concern for me and the country,” Ms O’Neil said
The Government announced in February that it would revamp a cybersecurity plan worth $1.7 billion after the hacks of Optus and Medibank.
The Government is taking measures to prepare for attacks on essential services such as hospitals, traffic networks, and banking systems.
The potential consequences of a major hospital’s failure, a traffic network interruption, or a serious banking system disruption can be severe.
“We should prepare for utility outages and hospital system attacks as demonstrated by the situations with Optus and Medibank. These incidents are only the beginning,” Ms O’Neil added.
The Government will conduct exercises to test the potential impact of cyberattacks on banks and the financial services sector on the economy. They will also arrange meetings with the aviation sector and other critical infrastructure to conduct similar exercises.
One suggestion is to modify the Security of Critical Infrastructure Act by adding customer data and “systems” to the definition of critical infrastructure. It would allow the Government to have the authority to intervene in significant data breaches.
The Government is considering implementing a Cyber Security Act to apply new obligations and standards to industry and Government.
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