- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Neil Hodge2022-10-11T19:05:00
The Optus data breach should serve as a reminder for all organizations that cybersecurity incidents are serious business risks that are costly to make right.
Although the alleged hacker purportedly responsible for the attack is now in police custody, the saga around trying to correct the damage has only just begun.
With 9.8 million customer records exposed, internal remediation could cost Optus billions of Australian dollars, one expert suggested to an Australian news outlet. The mobile phone network provider is also set to pay at least some of the costs incurred by federal and state governments for renewing passports—AUD$193 (U.S. $122) each—and perhaps for drivers’ licenses as well after pressure from Australian Prime Minister Anthony Albanese.
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Australia released an updated cybersecurity strategy that will rely more heavily on public-private partnerships to support the country’s cyber defense efforts.
The Federal Communications Commission announced the launch of a new task force to coordinate privacy and data protection efforts at the agency, which oversees a telecommunications industry often targeted by cybercriminals.
The Australian government is weighing stringent new privacy reforms that would establish among the steepest penalty regimes in the world—up to AUD$50 million (U.S. $33.5 million)—for serious or repeated breaches.
American Water Works Company, which supplies drinking water and wastewater to 14 million customers, disclosed a breach of its computer networks and system due to a cybersecurity incident.
The global average cost of a data breach jumped to an all-time high for the second year in a row, but companies can reel in the ballooning drag on profits by adopting artificial intelligence, according to an IBM report.
The U.S. Department of Energy released supply chain cybersecurity principles meant to help strengthen key technologies used to manage and operate electricity, oil, and natural gas systems.
