China’s "Salt Typhoon" hackers have breached U.S. telecoms, raising cyber tensions. Experts warn of the threat to international stability, emphasizing the need for collaborative strategies to prevent escalation amid ongoing economic competition.
The EU’s ESMA calls for mandatory crypto cybersecurity audits as threats grow, while the U.S. expands AI in defense with a focus on responsible use. Both moves underscore the need for stricter tech policies to safeguard assets and uphold ethical standards in evolving digital realms.
Tech giants Meta, Google, Apple, Microsoft, and Tesla are propelling the S&P 500's bull market ahead of the U.S. elections. Robust earnings from these companies have boosted investor confidence, driving gains despite election uncertainties and global tensions impacting the outlook.
Federal Government's 2023-2030 Cyber Security Blueprint
Australia's 2023-2030 Cyber Security Strategy boosts digital defences, shifts telecom under critical infrastructure laws, and invests $290.8M in SMEs. It focuses on workforce upskilling, data retention, and resilience against growing cyber threats.
Labor Government's Vision: The 2030 Cyber Security Strategic Framework
The Australian Government's unveiling of the 2023-2030 Australian Cyber Security Strategy (ABC) marks a pivotal moment in the nation's approach to digital security. Spearheaded by Security Minister Clare O'Neil, the strategy's release is particularly timely, following the substantial data breaches impacting millions of Optus and Medibank customers and the alarming 23% rise in cybercrime reports over the previous year.
The CNC editorial news review on cyber policy focused on the federal data retention requirements. This review aims to mitigate risks and reduce burdens associated with the prolonged storage of significant data volumes.
The strategy also underscores the expansion of the Digital ID program. This initiative facilitates online verification without excessive personal data sharing, thereby limiting sensitive information exposure for both individuals and entities.
In a significant regulatory shift, telecommunication providers are set to align with other critical infrastructure sectors.
Home Affairs Minister Clare O’Neil outlined new plans to class telecommunications as ‘critical infrastructure’ for the first time under the Security for Critical Infrastructure Act (SOCI).
This move involves transferring the security regulation of the telecom sector from the Telecommunications Act to the Security of Critical Infrastructure Act
Financially, the strategy is substantial, with nearly half of its funding - $290.8 million - earmarked for small and medium-sized businesses. This investment will support public awareness, combat cybercrime, disrupt the ransomware business model, and enhance the security of Australian identities.
Furthermore, there is a planned investment in establishing consumer standards for smart devices and software. This is coupled with initiatives to professionalise the cyber workforce and accelerate the cyber industry's growth.
A notable allocation of $9.4 million is dedicated to developing a threat-sharing platform for the health sector, with potential expansion to other fields.
Minister O'Neil emphasised the strategy's critical nature, stating,
“The strategy is bold and ambitious, and it has to be. The last five years have made one thing abundantly clear: we simply can’t continue as we are.”
In an ABC interview with Alastair MacGibbon, Chief Strategy Officer at Cyber CX, the strategic implications of the ABC were further explored. MacGibbon emphasised the resolution of the Australian labour force shortage and the necessity for both domestic training programs and international talent recruitment to enhance cyber capabilities.
"Upskilling is crucial. We must leverage existing skill sets and strategically augment them to address this widespread issue. It's about changing the narrative around our country’s ability to tackle cyber threats effectively.”
- MacGibbon highlighted.
Moreover, he stressed the importance of talent distribution and increased training opportunities, stating, "We're committed to finding the right people over three years. If other companies, like Microsoft and others, join in training people, it would significantly boost our capabilities."
The sentiment resonates across various layers within the cybersecurity services industry.
Mark Mantakoul, General Manager at Zirilio, provides valuable insight into the resilience challenges faced by Australia’s cybersecurity workforce.
Zirilio's general manager emphasises the need for increased attention from federal governments to support business services with adaptive policies, thereby enhancing the future talent pool.
“By prioritising the development of cyber skills, the strategy intelligently addresses the often-overlooked human element in cybersecurity, ensuring a well-equipped workforce ready for future challenges.”
– Mr. Mantakoul reaffirmed.
Mantakoul underscores the paramount importance of National experts in cybersecurity acquiring the skills necessary to deliver first-response services.
The 2023-2030 Australian Cyber Security Strategy, thus, represents a comprehensive and forward-looking approach, aiming to fortify Australia’s cyber defences in an increasingly digitised world.
The EU’s ESMA calls for mandatory crypto cybersecurity audits as threats grow, while the U.S. expands AI in defense with a focus on responsible use. Both moves underscore the need for stricter tech policies to safeguard assets and uphold ethical standards in evolving digital realms.
Chinese hackers allegedly breached U.S. telecoms tied to Harris and Trump campaigns, highlighting election security gaps. AI-driven deepfakes and disinformation also surge on social media, raising risks to democracy as voters near Election Day.
Australia faces an escalating cybercrime crisis, leading experts to call for standardised training across all law enforcement agencies. During a Parliamentary Joint Committee hearing, specialists highlighted the urgent need for unified protocols to effectively combat sophisticated cyber threats.
Governor Gavin Newsom vetoed Senate Bill 1047, which would have enforced strict safety measures for AI models with over $100M in funding. He argued the bill’s focus was too broad and advocated for more targeted AI regulations that address risks from smaller, less costly systems.