When Optus telecommunications were severed for a day on November 8th, 10 million customers struggled to make sense of their lives without the connection to the internet, emergency services, app information and, of course, each other. What happened? And, what happened next?
When Medibank were cyber attacked last year millions of customers were affected but the financial fall out and punishment is not commensurate with the distress and loss faced by individuals grappling with identity fraud.
Enter the case of MIT graduate, crypto-trader and heralded philanthropist, Sam Bankman-Fried (SBF). SBF, fairly recently, was the wealthiest person under 30, a classic media darling, gracing covers of Fortune and Forbes 400 as recently as August 2022. He had a real rapport with journalists, they say he was disarming with his swagger, casual clothing and Einstein dishevelled-ness. He was a formidable tech guru that fronted media, answered the questions and appeared impressive and relatable.
We have witnessed the relentless ease with which data is being compromised, stolen, held to ransom, we are also trying to legislate digital theft, not from the dirty, baseless criminals stealing it but from the companies that allow it to happen. A long read in The Guardian titled Ransomware hunters: the self-taught tech geniuses fighting cybercrime discusses how ransomware is an efficient crime with little accountability. Even if you pinpoint and arrest the criminal, the damage is far-reaching and ubiquitous and can be traumatising to those that have had their identity stolen.
The Australian Cyber Security Centre (ACSC) has issued an advisory report for companies to “urgently adopt an enhanced cyber security posture”. This is a driver for all corporations operating in Australia beyond the financial services industry to manage cyber risk effectively and efficiently.
