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According to Professor Asha Rao, while many individuals don’t consider their data “important” enough to feel vulnerable to cyber security threats, it’s precisely that attitude that is preyed upon by cyber criminals.

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The associate dean of mathematical sciences at RMIT University joins host Grace Ormsby on this episode of The nestegg Podcast to discuss the recent cyber attacks affecting the Australian government, the importance of remaining vigilant around cyber security, and the common scams that people should be wary of.

Professor Rao explains how automated technology makes cyber crime more profitable, why the pandemic has increased our exposure risk to such threats, and what to do if you think you’ve compromised your cyber security.

Thanks Professor Rao, for sharing your insights with the nestegg podcast team!

Have an investment story to share? Get in touch at [email protected] and you might get featured on the next episode.

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Recession, cyber attacks, second wave keep business leaders awake at night

By Cameron Micallef

May 20 2020
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Invest

Recession, cyber attacks, second wave keep business leaders awake at night

By Cameron Micallef
May 20 2020

Recession, cyber attacks, second wave keep business leaders awake at night

By Cameron Micallef

May 20 2020
Share

The economic fallout from COVID-19 is the top concern for world business leaders, with two in three worried about a prolonged global recession, new figures have found.

Research released by the World Economic Forum has found that one-half of the 350 experts polled identified bankruptcies and industry consolidation, failure of industries to recover and a disruption of supply chains as crucial worries as business leaders try to deal with COVID-19’s impact.

With the accelerated digitisation of the economy in the midst of the pandemic, cyber attacks and data fraud are also major threats, according to one-half of the respondents, while the breakdown of IT infrastructure and networks is also a top concern.

Geopolitical disruptions and tighter restrictions on the movement of people and goods are high on the worry list.

John Doyle, president and CEO of Marsh, said: “Even before the COVID-19 crisis, organisations were faced with a highly complex and interconnected global risk landscape.

“From cyber threats to supply chains, as well as the wellbeing of their colleagues, businesses will now rethink many of the structures they formerly relied on.”

However, the CEO noted that the private sector can use the pandemic to create a more resilient future to economic downturns.

“To create the conditions for a speedier recovery and a more resilient future, governments and the private sector need to work together more effectively,” Mr Doyle said.

“Along with major investments to improve health systems, infrastructure and technology, one of the outcomes of this crisis has to be that societies become more resilient and capable of withstanding future pandemics and other major shocks.”

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About the author

Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.