Invest
Cyber security flagged as major ASX 100 concern
Shareholders and customers of ASX 100 organisations are being warned that more than 85 per cent of these companies are not using best practice for email security, leaving them vulnerable to cyber attacks.
Cyber security flagged as major ASX 100 concern
Shareholders and customers of ASX 100 organisations are being warned that more than 85 per cent of these companies are not using best practice for email security, leaving them vulnerable to cyber attacks.
Proofpoint’s Australian and New Zealand country manager Crispin Kerr said a large number of ASX 100 companies are “unknowingly exposing themselves to cyber criminals aiming to capitalise on intricate supply chains and potentially trick critical stakeholders with fraudulent emails”.
He noted that Australia’s companies rely on an ever-expanding ecosystem to conduct business with integral stakeholders, including suppliers, vendors, employees, customers and partners.
“And in order to be successful, these relationships are based on an inherent trust in email communications,” he continued.
Proofpoint undertook an examination of the ASX 100 that found 42 per cent of these organisations have not published a domain-based message authentication, reporting and conformance (DMARC) record, “making them susceptible to cyber criminals spoofing their identity and increasing the risk of email fraud targeting users”.
A DMARC is an email validation protocol that is designed to protect domain names from being misused by authenticating the sender’s identity before the message is allowed to reach a designation.
Additionally, only 14 per cent of ASX 100 organisations have implemented recommended deployments to block malicious emails from reaching intended targets.
“In other words, 86 per cent of Australia’s largest companies aren’t leveraging established best practices for email security,” Mr Kerr said.
“Today’s Australian business climate requires constant email communication with a multitude of manufacturers, suppliers, resellers, employees and customers.”
And with 90 percent of cyber attacks coming through email, the manager said “securing this vector has never been more important”.
“What happens when a cyber criminal impersonates a trusted vendor asking that payment is wired to a new account? Or a customer receives a fraudulent notification that they need to reset their password?” he queried.
He flagged that global impostor email attempts have increased more than 400 per cent year-on-year.
“While these are generally highly targeted attacks that are sent to specific people within organisations – those that have the authority to execute wire transfers or send sensitive information – companies were targeted 120 per cent more frequently in quarter one of 2019 versus the same quarter in 2018.”
It comes after a lawyer’s warning to nestegg readers just how easily hackers can drain the life savings of retirees online.
RELATED ARTICLES
About the author
About the author
Stock market
Portfolio reviews as an operating discipline: turning volatility into a competitive edge
In a higher-rate, higher-volatility world, portfolio reviews are no longer an annual hygiene task; they’re a core operating rhythm that protects cash flow, unlocks tax alpha, and sharpens risk ...Read more
Stock market
Fee war on the ASX: Global X’s A300 turns up the heat on core Aussie equity ETFs
Global X has lobbed a 0.04% management fee into Australia’s core equity sandbox, launching the Australia 300 ETF (A300) to take on entrenched giants. Read more
Stock market
Challenger IM shakes up the ASX with private credit note and a side of risk
Challenger Investment Management has taken private credit mainstream with an ASX-listed note structure—LiFTs—that secured roughly $100 million in cornerstone commitments within a day of launch. Read more
Stock market
International stocks: Diversifying your portfolio beyond Australia
In an increasingly globalized market, Australian investors have the opportunity to enhance their investment portfolio by incorporating international stocks. Diversifying your investments globally can ...Read more
Stock market
Stock market rally likely to continue regardless of Fed minutes tone, says deVere CEO
The bull run that has propelled Wall Street's major indexes to record highs this month is expected to continue regardless of the tone of the upcoming Federal Reserve minutes, according to Nigel Green, ...Read more
Stock market
US stock rally driven more by valuation growth than earnings, leaving tech names vulnerable: Innova
The strong gains in US stocks over the past year, particularly in the technology sector, have been driven more by expanding valuations than underlying earnings growth, leaving them exposed to a ...Read more
Stock market
Sun Silver to make its ASX debut with a $13 million IPO
Sun Silver Limited (proposed ASX Code: "SS1") has announced the opening of its Initial Public Offering (IPO) today, aiming to raise a minimum of $10 million and a maximum of $13 million (before costs)Read more
Stock market
Nasdaq hits record high, underscores the value of tech in investment portfolios
The Nasdaq Composite's surge to an all-time high last Friday highlights the importance of incorporating technology into investment strategies. Read more
Stock market
Portfolio reviews as an operating discipline: turning volatility into a competitive edge
In a higher-rate, higher-volatility world, portfolio reviews are no longer an annual hygiene task; they’re a core operating rhythm that protects cash flow, unlocks tax alpha, and sharpens risk ...Read more
Stock market
Fee war on the ASX: Global X’s A300 turns up the heat on core Aussie equity ETFs
Global X has lobbed a 0.04% management fee into Australia’s core equity sandbox, launching the Australia 300 ETF (A300) to take on entrenched giants. Read more
Stock market
Challenger IM shakes up the ASX with private credit note and a side of risk
Challenger Investment Management has taken private credit mainstream with an ASX-listed note structure—LiFTs—that secured roughly $100 million in cornerstone commitments within a day of launch. Read more
Stock market
International stocks: Diversifying your portfolio beyond Australia
In an increasingly globalized market, Australian investors have the opportunity to enhance their investment portfolio by incorporating international stocks. Diversifying your investments globally can ...Read more
Stock market
Stock market rally likely to continue regardless of Fed minutes tone, says deVere CEO
The bull run that has propelled Wall Street's major indexes to record highs this month is expected to continue regardless of the tone of the upcoming Federal Reserve minutes, according to Nigel Green, ...Read more
Stock market
US stock rally driven more by valuation growth than earnings, leaving tech names vulnerable: Innova
The strong gains in US stocks over the past year, particularly in the technology sector, have been driven more by expanding valuations than underlying earnings growth, leaving them exposed to a ...Read more
Stock market
Sun Silver to make its ASX debut with a $13 million IPO
Sun Silver Limited (proposed ASX Code: "SS1") has announced the opening of its Initial Public Offering (IPO) today, aiming to raise a minimum of $10 million and a maximum of $13 million (before costs)Read more
Stock market
Nasdaq hits record high, underscores the value of tech in investment portfolios
The Nasdaq Composite's surge to an all-time high last Friday highlights the importance of incorporating technology into investment strategies. Read more
