Cybercrime protection inadequate: Poll

More than half of Financial Standard readers are not confident they are adequately protected from cybercrime, the latest spot poll reveals.

Fifty-four per cent of respondents said they are vulnerable to breaches, hackers and cyberattacks as they have no confidence in their cybersecurity levels.

Only 13% are confident with the cybersecurity measures they have undertaken to protect their data and valuable information.

A study from Dimension Data shows 13% of Australia's financial services organisations fell victim to cyberattacks in 2017.

The education sector topped the list of most attacked industries (26%), followed by technology (17%), finance (13%), the Government (13%) and manufacturing (12%).

The NTT Security's Global Threat Intelligence Report showed a staggering 66% per cent of attacks on the financial sector in APAC originated from Australia.

Ransomware is the cybercriminals' weapon of choice, the report said, adding that incidents such as financially motivated crime jumped by 350% in 2017 globally.

"Leaked classified government hacking tools have made ransomware even more dangerous, enabling greater attack and tooling sophistication. The persistence and relentlessness of cyber adversary campaigns indicate that ransomware popularity and prevalence will continue," it said.

The recent SIBOS conference highlighted the importance of cybersecurity.

The head of cybersecurity, governance and consulting Ian Cameron at insurance company IAG said a mass data breach could be a scary possibility.

The company knew it would have to answer to its board on its cybersecurity program, he said.

"We knew we had to ask are we spending too much or too less, is it in the right places and is our investment in cybersecurity buying down our risk?" Cameron said.

"Normally we would have tackled that with the traditional discussion, based on conjecture and opinion. But we decided that we would partner with EY and take a more data-driven approach using economic modelling."

EY's partnership with IAG helped identify threats, decomposed these threats into controls and finally set up key measures to take stock of IAG's total financial exposure

This week, we find out if stopping life insurers asking applicants if they have undertaken a genetic test is the right move for the industry. Vote here.

Read more: CybersecurityIAGFinancial StandardDimension DataSIBOS
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