Aussie banks easy targets for cyber crime

He said the US has long introduced formal, increasingly real-time sharing of information on threats and fraud in the financial services sector between companies, law enforcement and government. “That’s because an attack on one bank is an attack on the sector,” he said. “US banks have a very sophisticated formal structure under an organisation called the FS-ISAC (Financial Services Information Sharing and Analysis Center). “In Australia, it is done on a relatively informal basis.

There is an extra cost to be able to do this, he said, but as efforts by banks overseas to defend themselves intensify, Australia would have to follow suit. “We know the leading organisations are taking threats from commercial, law enforcement, from each other, plus all the electronic data feeds that come from intrusion detection systems,” he said. “All those electronic flags would have been viewed on their own.

Read more here: SMH


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