Latitude Financial’s data breach disaster has contributed to the rampant fear of cybersecurity attacks in Australia. Jack Colreavy, Senior Associate of Corporate Finance dives into the severity of cyberattacks and the struggles surrounding cybersecurity investment in this week’s ABSI.
Unfortunate news for Latitude Financial customers this week with the company announcing that almost 8 million customers had their data breached in a recent cybersecurity attack. Unfortunately, this is just another example of a string of recent data breaches on Australian shores. In 2022, there were 73 such breaches with the highest profile being Medibank Private, which had the health records of 9.3 million Australians.
Naturally, as we progress to a more digital world, the prevalence of cyber attacks will increase, but unfortunately companies aren't increasing their spending enough on cybersecurity. A study by Deloitte found that the average financial institution spends just 0. 13 percent of their annual revenue on cybersecurity, and this is unfortunate given the costs.
A McKinsey report predicts that cyber attacks will cost billions. 10. 5 trillion a year by 2025, fortunately, lawmakers do recognize the problem and are starting to make changes in order to incentivize companies to spend more on cybersecurity. Recent legislation introduced by the labor government will increase maximum fines from 2.
2 million to 50 million. However, this doesn't address talent gap in the marketplace. More needs to be done to incentivize training in these areas. To ensure that we have the cyber security professionals needed in order to tackle these prevalent cyber attacks. To learn more, please subscribe to As Barclay Sees It by clicking the link in the description.
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Barclay Pearce Capital Management Pty Ltd is the holder of an Australian Financial Services Licence (Number: 503261). The information provided on this website is general in nature only and does not constitute personal advice. The information has been prepared without taking into account you or your company’s objectives, financial situation or needs. Before acting on any information on this website you should consider the appropriateness of the information having regard to your objectives, financial situation and needs. You should seek independent financial advice and read the relevant disclosure statements or other offer documents prior to making an investment decision about a financial product. The material contained on the website is for information purposes only and should not be construed as an offer or solicitation or recommendation to buy or sell financial products.
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Privacy Statement
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Scam Alert
Barclay Pearce Capital acknowledges the Traditional Owners of the land where we work and live, the Gadigal of the Eora Nation and pays our respects to Elders past, present and to the children of today who are the Elders of the future. We celebrate the stories, culture and traditions of Aboriginal and Torres Strait Islander Elders of all communities who also work and live on this land.
BPC Sydney Office
Level 17, 115 Pitt Street
Sydney NSW 2000 Australia
Tel: +61 2 8288 6900
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Melbourne VIC 3000 Australia
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Barclay Pearce Capital Management Pty Ltd ACN 619 189 847 | AFSL: 503261
Barclay Pearce Capital Investment | ACN: 667 428 480 | CAR: 1303113
Barclay Pearce Capital Asset Management | ACN: 661 805 250 | CAR: 1302665
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Barclay Pearce Capital | ACN: 671 103 254
Barclay Pearce Capital Communications | ACN: 659 740 217
Barclay Pearce Capital Events | ACN: 661 642 726
BPC UK Ltd | CRN: 14822860
© 2024 Barclay Pearce Capital - BPC | All Rights Reserved
Disclaimer:
Barclay Pearce Capital Management Pty Ltd is the holder of an Australian Financial Services Licence (Number: 503261). The information provided on this website is general in nature only and does not constitute personal advice. The information has been prepared without taking into account you or your company’s objectives, financial situation or needs. Before acting on any information on this website you should consider the appropriateness of the information having regard to your objectives, financial situation and needs. You should seek independent financial advice and read the relevant disclosure statements or other offer documents prior to making an investment decision about a financial product. The material contained on the website is for information purposes only and should not be construed as an offer or solicitation or recommendation to buy or sell financial products.
Barclay Pearce Capital acknowledges the Traditional Owners of the land where we work and live, the Gadigal of the Eora Nation and pays our respects to Elders past, present and to the children of today who are the Elders of the future. We celebrate the stories, culture and traditions of Aboriginal and Torres Strait Islander Elders of all communities who also work and live on this land.