CyberWatch: Australia

Insight on how cyber risk is being mitigated and managed in Australia and across the globe.

 

1
ASIC Releases Updated Guidance on Electronic Disclosure
2
Ashley Madison Data Security Breach
3
Breaches Update – July 2015
4
Australian Prudential Regulation Authority (APRA) paper
5
Breaches Update – June 2015
6
Westpac Acquires Cyber Security Firm
7
Reports and Surveys Update
8
Cyber Resilience for Financial Services Entities
9
Breaches Update – May 2015
10
Government Regulation, Legislation and Enforcement Updates

ASIC Releases Updated Guidance on Electronic Disclosure

by Jim Bulling and Julia Baldi

ASIC has released updated guidance on electronic disclosure. RG 221:Facilitating online financial services disclosures. It outlines ASIC’s expectations for financial services providers that use (or plan to use) technology, including email and the internet, to deliver financial product and financial services disclosures to clients.

See RG 221 here.

Ashley Madison Data Security Breach

By Cameron Abbott and Melanie Long

On 19 July 2015 the Avid Life Media dating website Ashley Madison, which is aimed at married people who want to have an affair, was hacked by a group known as ‘The Impact Team’. The Impact Team has threatened to release users’ profiles if Ashley Madison and other Avid Life Media websites such as Established Men and Cougar life are not shut down. The Impact Team claims to have stolen the details (including names, addresses, credit card numbers and personal sexual fantasies) of over 37 million users.

The story was broken by Brian Krebs, a former cyber crime writer for the Washington Post, on his blog ‘Krebs on Security’. A link to his article, which includes a statement made by Avid Life Media following the hack, can be found here.

Breaches Update – July 2015

by Jim Bulling and Julia Baldi

U.S. Office of Personal Management (OPM)
The U.S. government has confirmed a second cyber attack on the OPM database. Hackers are confirmed to have stolen the personal information in relation to former, current and prospective federal government employees effecting at least 21.5-mllion people (almost 7% of the entire U.S. population).

See the ABC report here, CNN report here and Guardian report here.

OPM’s website, sets out how person’s may have been affected by the breach and what OPM is doing to assist those affected. OPM has sent notifications to those affected by the incident and is offering free identity theft monitoring and restoration services including identity theft insurance and credit monitoring.

OPM has also outlined a cybersecurity action report, available here.

Read More

Australian Prudential Regulation Authority (APRA) paper

by Jim Bulling and Julia Baldi

APRA has released an information paper on outsourcing involving shared computing services, including cloud. The paper discusses risks for outsourcing shared services and ways in which APRA regulated entities may seek to minimise these risks.

See the information paper here.

Breaches Update – June 2015

by Jim Bulling and Julia Baldi

U.S. Office of Personal Management Breach
The U.S.Government’s Office of Personal Management announced that its database has been subject to a cybersecurity breach. Hackers stole data relating to federal government employees dating back three decades and may effect more than four million people.

See the ABC report here and Forbes report here.

The OPM is offering affected individuals credit monitoring services and identity theft insurance. See the OPM announcement here.

Read More

Reports and Surveys Update

by Jim Bulling and Julia Baldi

Tred Micro Q1 2015 Report
Trend Micro Q1 2015 Report finds Australia is the target of increasing ransomware attacks, with Australian holding 6% of the world’s ransomware detections. Australia also ranked second in the world for countries with the highest number of Point of Sale RAM Scraper infections (malware which sources card details) with 10% of the world’s infections, after the United States  with 23%.

See a summary of the report here, and the full report here.

Blue Coat Systems Inc
Blue Coat Systems, Inc., released result of a global research study of 1,580 respondents across 11 countries. Results from the survey found that universally, workers visit inappropriate websites while at work despite typically being fully aware of the risks to their companies.

See the media release here.

Cyber Resilience for Financial Services Entities

by Jim Bulling and Julia Baldi

ASIC Report 429
In March this year, the Australian Securities and Investments Commission (ASIC), issued Report 429 Cyber resilience: Health check (REP 429). The report aims to highlight the importance of cyber resilience for entities regulated by ASIC, including Australian Financial Services Licence holders, Australian Credit Licence holders and listed entities. The Report indicates that ASIC is keen to ensure that Australia keeps pace with developments in Europe and the United States in combatting cybersecurity risks.

Click here to read the full article.

Breaches Update – May 2015

by Jim Bulling and Julia Baldi

Pacnet
Pacnet, a subsidiary acquired by Telstra in April 2015, was hit by a major data breach affecting thousands of customers including The Australian Federal Police and government agencies. The breach occurred two weeks before the deal to acquire Pacnet by Telstra was finalised but was not disclosed to Telstra. Telstra is reportedly considering its legal options in respect of both the breach and the non-disclosure by the vendors.

See the Sydney Morning Herald article here.

Airline Computer Hacking
The FBI has alleged that a cybersecurity researcher had hacked into airline computers 15-20 times causing aircrafts to climb against pilot instructions.

See the report here.

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Government Regulation, Legislation and Enforcement Updates

by Jim Bulling and Julia Baldi

Australian Federal Government Cybersecurity Review
The Australian Federal Government holds a Cybersecurity Review.

See the Australian Government’s summary of the review here.

SEC Guidance Update
The SEC’s Investment Management Team published a Guidance Update which outlines measures managed funds and investment advisers may wish to consider in addressing cybersecurity risk. The guidance includes practical tips applicable to Australian entities.

See the Guidance Update here.

Read More

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