ASIO’s Mike Burgess Forewarns of Imminent Cyber Sabotage on Major Australian Banks
Mike Burgess, director-general of the Australian Security Intelligence Organisation (ASIO), is renowned for his straightforwardness. Recently, he made headlines at an ASIC conference in Melbourne, where he candidly spoke about the growing threat of cyber sabotage on the Australian banking industry.
ASIO Predicts Increased Cyber Sabotage Threats in the Next Five Years
Burgess explicitly mentioned that the risk of cyber-enabled sabotage is expected to escalate over the next five years. This is due to technological advancements, including artificial intelligence, and the easy availability of cyber sabotage tools and weapons online. Such developments have made it simpler for regimes to conduct sabotage.
Moreover, the increasing interconnectedness and interdependence of our critical infrastructure networks have expanded their vulnerabilities and potential entry points. Burgess pointed out that the strength of the internet-of-things is only as robust as its weakest password, insecure setup, unpatched system, or negligent operator.
Foreign Regimes Improve Capabilities With Technology
These technological advancements are significantly enhancing the capabilities of foreign regimes and their intelligence agencies. However, Burgess expressed more concern over the shift in their intent. He stated that while nation-states have been building capabilities for decades, their objective had traditionally been to commit espionage and foreign interference. But now, with rising global tensions, some are more likely to instigate higher-harm activities.
Authoritarian Regimes More Willing to Disrupt Critical Infrastructure
According to Burgess, authoritarian regimes are becoming increasingly willing to disrupt or destroy critical infrastructure to impair decision-making, damage the economy, undermine war-fighting capability, and create social discord. They now see sabotage as a tool of coercion, disruption, distraction, and retaliation, testing national resolve, readiness, and responses.
In conclusion, Burgess’s stark warning should not be taken lightly. The Australian banking industry, like any other, is prone to errors and vulnerabilities that can be exploited. The day when some malevolent actor will penetrate the defences of a major Australian bank is imminent, causing havoc and potential economic fallout.
With this in mind, the Australian banking industry needs to prepare for and mitigate these risks. Banks must bolster their cyber defences and invest in technologies that can detect and prevent such cyber attacks. They must also train their employees to handle such situations and ensure that their systems are regularly updated and patched to avoid any potential breaches.
Source: Here
