We are a proud member of the Financial Services Online network!
Connect with us on your favourite social media platform for the latest financial news, views, tips, tricks, resources and information.
Strengthening Cyber Security: A Fundamental Priority for Australia
Strengthening Cyber Security: A Fundamental Priority for Australia
The discussion paper poses several questions, including whether the government should prohibit the payment of ransoms and extortion demands to cyber criminals by victims of cybercrime and/or insurers, and what the impact of such a prohibition would be on companies, victims of cybercrime, and insurers.
The discussion paper also proposes the establishment of a National Office for Cyber Security within the Department of Home Affairs, which would have a dedicated coordinator to ensure a central approach to the government's cyber security responsibilities.
The Minister for Home Affairs and Cyber Security, Clare O’Neil, emphasizes that the government must take a leading role in ensuring everyone is contributing to Australia's cyber security, stating, "We cannot sleepwalk into our cyber future. I want Australia to be the world’s most cyber-secure country by 2030."
The roundtable discussion also focused on incentivizing best practice cyber behaviors, raising national cyber awareness, and growing Australia's cyber security sector to shape a new strategy “in the face of rapidly evolving threats."
Albanese stresses that cybersecurity is crucial and essential to the way every Australian lives, and strengthening it is a fundamental priority. "This is a fast-moving, rapidly-evolving threat and for too many years, Australia has been off the pace. Our government is determined to change that," he said.
The Expert Advisory Board, which includes former Air Force Chief Mel Hupfeld, former Axa Asia Pacific Holdings and Telstra CEO Andrew Penn, and CEO of the Cyber Security Cooperative Research Centre Rachael Falk, will advise the government on the development of the national cyber strategy.
Published:Tuesday, 7th Mar 2023
Source: financialservicesonline.com.au
Share this news item:
| Dispute Over Damages Caused by Violent Painters: Homeowners Unable to Increase Insurer's Offer 31 May 2023: .financialservicesonline.com.au Homeowners claimed damages from contracted painters who damaged their property during a violent attack. However, they have lost their challenge to increase their insurer's cash settlement offer of $53,000. - read more |
| Aussie Insurers suffering underwriting losses despite increasing investment income. 26 May 2023: .financialservicesonline.com.au The Australian Prudential Regulation Authority (APRA) has released an industry update that revealed general insurers faced a $100 million underwriting loss in the first quarter of the year. This was a significant drop from their earnings of $1.6 billion in the preceding quarter. The primary reason for this loss is the increase in gross incurred claims, which rose 40.6% from $10.2 billion to $14.4 billion in the December quarter. - read more |
| Leaving the Scene of an Accident Results in Denied Insurance Claim 26 May 2023: .financialservicesonline.com.au Getting into an accident can be a traumatic and stressful experience for anyone. However, having a claim denied by the insurer for not adhering to their policy's conditions can add frustration and confusion to an already difficult situation. Recently, an insurer in Australia declined a claim after the driver left the scene of the accident. But was it the right decision? Let's take a closer look. - read more |
| When Insurance Doesn't Cover Property Damage: One Homeowner's Experience 25 May 2023: .financialservicesonline.com.au A homeowner recently learned the hard way that just because you have insurance doesn't mean you're fully covered when disaster strikes. In this case, a homeowner's investment property was damaged in a fire - started by the homeowner's son - but the insurance company refused the claim. - read more |
| Victorian Government's Game-Changing Decision to Eliminate Business Insurance Duty 24 May 2023: .financialservicesonline.com.au The Victorian Government's recent announcement about the abolishment of business insurance duty over a period of 10 years marks a significant milestone in driving economic growth. This move has been hailed as a game-changer since the taxes imposed on insurance can distort business decision-making, causing under or non-insurance, which in turn can cost the state economy more than $100 million annually. - read more |
| Life Insurance: How much is enough? When considering life insurance, you're planning and preparing for an event that most of us would rather not think about. But life insurance represents a critical step in managing your personal finances and ensuring your family's well-being. - read more
|
| Life Insurance for Millennials: Why It's Essential. As a millennial, you may believe that you're young, healthy, and have plenty of time to prepare for the future. However, it's essential to understand that life is unpredictable, and unexpected events can occur at any time. This is why it's essential to consider life insurance, particularly if you have financial responsibilities, dependents, or both. - read more
|
| Why life insurance is a necessity in tough times With household budgets under pressure ... and consumer confidence weak, many families are wondering whether life insurance is worth the expense. Or maybe it is something they can do without? - read more
|
| The importance of Income Protection Insurance for Employees While some people might think that income protection insurance is only for self-employed individuals, this is not accurate. This type of insurance is just as beneficial for employees, because accidents and illnesses can happen to anyone at any time. Workers' compensation provides only limited coverage, and most employees don't have much more than a few weeks' sick leave accrued. Of course, if you have more than one job, the situation becomes more of a concern if you are injured at one workplace resulting in being unable to work at either. - read more
|
| Loss of income insurance: Case Study Rebecca is a single, self-employed graphic designer who works from home. Aged in her mid-30s, she has monthly commitments of a mortgage and car payments and the usual living expenses. - read more
|
Insurance which provides protection against liability to third parties.