The arms race for cyber security is hot and hackers are winning

On the scale of seriousness, an Optus cyber attack could be very malicious, but the Medibank data breach is a disaster.

Due to the intimate nature of data stolen from a medical insurance company, the information is of more value to offenders and may pose a greater risk to vulnerable clients.

But as any cyber expert will attest, Medibank’s record as Australia’s worst cyber incident won’t last long.

Police are investigating threats made in the wake of a major cybersecurity breach at Medibank Private.attributed to him:Louise Kinnerley

We have now spent a few years in a significant escalation of cybercrime – both in terms of numbers and sophistication.

Rod de Pietro, head of cybersecurity and digital trust at PwC, likens the war between cybercriminals and those trying to defend their business as an “arms race” and hackers are often one step ahead of organizations, even as millions pour into cyber defenses.

He said recent violations (Optus and Medibank) showed that no organization was immune. They have also brought cybercrime into mainstream conversations, as the public is now more aware of the dangers posed by hackers and scammers.

As personal information is now a prerequisite for navigating the Internet, the public is demanding that companies be able to protect the customer data they store. While questions were raised about whether Optus really needed to keep the passport and Medicare details of its customers, Medibank had no choice but to keep the health claims data of its customers.

Either way, the latest wave of attacks should push cybersecurity to the top of the agenda for businesses and policy makers. Because the speed and scale of cyberattacks are increasing.

National Australia Bank President Ross McEwan also said this week that cybersecurity is the only threat that “keeps CEOs awake at night”.

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Originally published at Melbourne News Vine