Original article by Cliona O’Dowd
The Australian – Page: 13 & 19 : 12-Oct-22

Australian Prudential Regulation Authority chairman Wayne Byres has told a parliamentary committee hearing that a cyber attack on one of the nation’s financial institutions is inevitable. Byres said the sector has invested significantly in protecting their systems from hackers, but it is only a matter of time before a hacker is successful. He added that it is equally important to invest in response capabilities so any breaches are detected quickly and action is taken to limit the damage. S&P Global Ratings recently warned that Australia’s regional banks in particular are vulnerable to data breaches.

CORPORATES
AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, S&P GLOBAL RATINGS