The telecommunications industry is reportedly threatened by the cyber attacks done by hackers from time to time.
In early 2016, there were cases in which schools all across Victoria and Queensland have received significant threats through hacked telecommunications system. According to Business Spectator, a group of criminal hackers called the Evacuation Squad was involved in targeting the schools. However, the Australian government seems to have been casually handling the cyber security issues so far.
Nevertheless, the government has now taken its first foot forward to fill the gap between crime and security relating to the nation’s defences. The telecommunications industry therefore requires adopting to the new reforms proposed by the government to encourage national security, social security, as well as financial security.
Queensland has introduced a new legislation that came into effect last March 1. It requires banks and lending institutions to have a face-to-face interview with the borrowers with the presentation of original proof of documents.
“These are changes that affect mortgage brokers and lenders,” Lawlab’s legal Director Richie Muir told The Adviser. “Banks and brokers will have to change their process in Queensland,” he said. “Gone are the days when you could scan your passport or driver’s licence and flick it through to your broker. Clients will now have to bring them in person,” Muir said.
As far as the overall nation is concerned, the first draft of Telecommunications Sector Security Reforms was proposed by the government along with the second one released on November 27, 2015 by Attorney-General George Brandis and Communications and Arts Minister Mitch Fifield. The Telecommunications and Other Legislation Amendment Bill 2015’s second draft was open for public comment. The bill highlights all the points necessary for securing the telecommunications industry from any kind of cyber threat.
In addition, the IT Web’s report on PwC’s 2016 Global Economic Crime Survey has revealed that the fourth most reported crime in the South Australian region was cyber crime.