This week, a warning was issued by APRA which was directed at the Australian financial institutions. This warning was for them to keep their guards up when it comes to their cyber-security. APRA was of the view that in today’s world, a cyber-attack is inevitable and almost everyone, be it an individual or a corporation, is vulnerable to it. What can be done to prevent it is to strengthen your own cyber-security systems so that your data and credentials cannot be breached into and all malicious activities and threats which are directed towards you can be stopped effectively.
The Australian Prudential Regulation Authority has made a similar warning to all banks, superannuation funds, and insurance companies to enhance their cyber-security immediately so as to prevent any cyber-crime or hacking activity to harm them in any way.
It comes just a few days after the Dan Coats, the US Director of National Intelligence issues a warning of similar nature.
This action has been taken by both the countries because the rate of cyber-attacks in these two countries is more than any other in the world. Having accepted that the crime is inevitable and can not be stopped from being conducted from the criminal’s end, the only option they believe they are left with is to make better their own security systems so that even if the attack is made, it is incapable of passing through the strong security barriers set up by them.
And as both the countries, US and Australia face increasing cyber-security risks, it is better for them to join hands for the eradication of the crime or at least prevention of it. For this, they must cooperate with each other on cyber-security issues in the Indo-Pacific region.