Posted November 05, 2018 09:40:10 The Australian Bankers Association has warned of the possibility of a cyberattack that could affect Australia’s financial institutions and mortgage lender groups.
The association’s chief executive, Richard Brown, said the impact would be “significant”.
“The bank and other financial institutions will suffer,” he said.
A cyber attack is a breach of an internet service provider (ISP) network that affects a system or data. “
We’re asking the government and others to work with us to make sure we’ve got the right security and monitoring, and to make this happen quickly.”
A cyber attack is a breach of an internet service provider (ISP) network that affects a system or data.
An attack may take place through email, text messaging, social media or some other method.
A breach may also affect sensitive information, such as credit or health information.
Mr Brown said the banks were closely monitoring the situation and had been working closely with law enforcement agencies.
“The banks have taken all necessary steps to protect themselves and the industry against any potential cyber threat, which is what we expect,” he told reporters.
“They are doing the best they can, but the impact on the industry is quite significant.”
He said the association had been monitoring the financial services sector for two years.
The bank was advised by the Australian Cyber Security Centre (ACSC) that the banking industry was well-equipped to cope with any cyber threat.
“It’s not a matter of if we’re going to be attacked but when,” he explained.
“If it’s not imminent, then we don’t need to worry about it, we don, it’s a matter where we can be proactive and take all appropriate steps to mitigate the impact.”
Mr Brown added that a cyber attack could affect the integrity of Australia’s mortgage and credit union systems and the availability of credit.
A security breach “that has the potential to affect our mortgage and loan servicing system and that of our credit union sector, would certainly be a major concern to us,” he added.
Mr Smith, the Federal Treasurer, said it was “highly unlikely” the Federal Government would be forced to bail out Australian banks.
“There are a number of steps that we can take that are already in place, such the banking system being reviewed, and the introduction of an Australian Deposit Insurance scheme,” he was quoted as saying by the ABC.
“But there are also other steps that are in place that we will take in the future.”
He added that the Federal government would not be seeking to use its emergency powers to force a bank to bail the country out, but would instead be looking to “make sure that the banks have the best possible systems and systems that they can maintain”.
The Federal Government has yet to publicly comment on whether it would support a bailout for the banks.