Paul Smith reports:
The Australian Bankers Association has defended the strength of IT security processes in place across Australia’s banking system following the revelation that Reserve Bank of Australia systems had been compromised by China-based hackers.
However, security experts said the incident highlighted the need for Australian data breach notification laws to be tightened to force organisations to come forward when they were hacked.
ABA chief executive Steven Münchenberg told The Australian Financial Review that there were no reports of similar attacks on other local banks, and that effective processes were already in place to co-ordinate fraud investigations with federal and state police.
Read more on Financial Review.