By October 2020, Australia has already tirelessly battled not only horrific bushfires but a global pandemic too. While these events have drastically impacted the everyday life of Australians and businesses, at the same time, we have seen a spike in cyber attacks which can affect anyone, particularly the vulnerable and distracted. 

The Australian Department of Foreign Affairs and Trade and the Australian Cyber Security Centre have come together to denounce these cyber attackers who are “seeking to exploit the pandemic for their own gain”. In particular, the recent attacks have highlighted data vulnerabilities for investors. It goes to show that the saying ‘never let your guard down’ remains relevant – especially in a crisis. 

RISKS FOR INVESTMENT MANAGERS AND SUPER FUNDS

According to NTT’s 2020 ‘Global Threat Intelligence Report’, in Australia, financial services was the third-most targeted industry with 13% of cyber attacks. Since the COVID-19 pandemic began, we have seen a further increase in cyber attacks in the industry; resulting in attempted, and actualised, incidents of fraud and data breaches. Scammers are targeting not only the large players in the market…

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