CEOs warned about impacts of cybercrime

CHIEF executive officers of companies have been warned to be wary of the “growing menace of cybercrime”, and how it can negatively impact customer trust and brand reputation.
Cybernetic Global Intelligence (CGI) chief executive Ravin Prasad said they must shore up cyber-security defences using in-house resources, or hiring experienced and accredited cyber-security companies to secure critical assets, customer information and brand quality.
“According to the National Australia Bank chief executive Ross McEwan, every month the bank faces cyber-attacks of more than 50 million (600 million a year) across its digital channels,” he said.
“Thankfully, the bank’s security systems thwart such attacks. But are they enough and for how long?”
Prasad said whether the Optus hackers were rank amateurs or professionals, the incident revealed that threats related to cybersecurity “are real”.
He added that Wayne Byers, the chairman of Australia’s Prudential Regulator told a parliamentary committee that “financial institutions, at least in a broader context, are quite advanced (in cybersecurity).
“But what we also know is that, at some point, some sort of event will happen,” Prasad said.