APRA's cybersecurity strategy

APRA is stepping up its focus on CPS234 in 2021.  This is not a surprise.  The Australian government has a strong focus on cybersecurity (and Defence, and foreign influence).

https://www.apra.gov.au/news-and-publications/executive-board-member-geoff-summerhayes-speech-to-financial-services

Fraudulent Invoice Scams

A Sydney hedge fund has collapsed after a cyber attack saw its trustee and administrator mistakenly approve $8.7 million in fraudulent invoices.  Scammed by a fake Zoom invite.

The scam, the latest in a series of strikes by offshore criminal gangs against Australian fund managers, has also ensnared ANZ after the bank failed to stop almost $800,000 being withdrawn from an account linked to the cyber criminals.

 

https://www.afr.com/companies/financial-services/fake-zoom-invite-cripples-aussie-hedge-fund-with-8m-hit-20201122-p56f9c