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The COVID-19 outbreak poses an array of cyber security
challenges for lenders in Australia. The ACCC’s cyber monitor,
ScamWatch, has reported a significant increase in cyber security
incidents since the global pandemic evolved, with over 2,000
reported scams relating to COVID-19 to date. This is of particular
concern for the financial services industry, which was already the
second highest reporting sector for data breaches, with 64% of all
notifiable data breaches consisting of malicious or criminal
attacks.
While lenders juggle to meet the various unprecedented and
pressing demands, it is important for lenders to continue to remain
vigilant in monitoring its compliance with data-security and
privacy obligations in the face of a heightened risk
environment.
This article serves as a timely reminder of the steps that a
lender should take to ensure that it is well placed to respond
quickly and efficiently to a cyber incident, and the steps that a
lender should take if it believes that its systems or data have
been compromised.
