AI’s new currency is compute. OpenAI and AMD’s 6GW pact jolts markets, fusing chips, capital and energy into a global buildout. From Wall Street to the Global South, data centres become power plants for the information age, an equity compute loop spinning at breakneck speed.
SimonMed Imaging has confirmed a ransomware attack by the Medusa group, exposing the sensitive health and personal data of 1.27 million patients. The breach, which originated in January, highlights the severe risks posed by third-party vendor vulnerabilities in the healthcare sector.
The Australian Signals Directorate's latest Annual Cyber Threat Report reveals a cybercrime is reported every 6 minutes, with costs to businesses soaring. The report highlights the growing threat from state-sponsored actors and the impact of AI in enabling larger, faster attacks on the nation.
ASIC is suing HSBC Australia over $23M in scam losses, alleging systemic failures in fraud detection and delays in resolving complaints. Meanwhile, Singapore's proposed anti-scam law aims to freeze accounts of scam victims to prevent further losses, sparking debate on privacy and autonomy.
The Australian Securities and Investments Commission (ASIC) has taken legal action against HSBC Australia, alleging significant lapses in the bank's handling of scam-related activity that cost customers $23 million across 950 unauthorized transactions between January 2020 and August 2024. ASIC claims HSBC failed to implement adequate controls to prevent and detect fraudulent payments and delayed investigating complaints, with some customers waiting an average of 145 days to resolve their cases and regain account access. One customer reportedly waited a staggering 542 days, despite industry standards requiring most cases to be addressed within 21 days.
This case comes as global regulators intensify efforts to combat cyber scams. Singapore has recently proposed groundbreaking anti-scam laws that empower authorities to freeze bank accounts of suspected scam victims to prevent further fraud. These measures also encourage financial institutions to share liability for losses, signaling a significant shift in scam prevention accountability. ASIC Deputy Chair Sarah Court highlighted HSBC’s “widespread and systematic” failings, stating,
“We will not hesitate to take court action where we consider banks failing to comply with their obligations to protect their customers.”
HSBC responded by acknowledging the claims and reaffirming its commitment to combating fraud, but with Australian losses hitting $2.74 billion in 2023 alone, the push for stricter controls continues to gain momentum worldwide.
Singapore is poised to set a global precedent with a proposed law empowering police to freeze the bank accounts of individuals suspected of falling victim to scams. The Protection from Scams Bill, which has gained strong public support, is aimed at tackling increasingly sophisticated fraud schemes that have plagued the nation’s otherwise low crime rates. If passed, police could block withdrawals and credit access for up to 30 days, especially in cases where victims continue to transfer funds despite multiple warnings from banks, authorities, or family members. The Ministry of Home Affairs (MHA) has assured the public that such freeze orders would be used only as a last resort, and victims would retain access to funds for essential expenses and have the right to appeal.
The proposal has sparked both praise and criticism. Over 90% of participants in a public consultation supported the measure, citing the emotional and financial devastation caused by scams, with some advocating its extension to cover cryptocurrency exchanges and remittance companies.
“These scams are elaborate and emotionally manipulative, so stepping in to block access is a necessary step,”
said Adam, whose mother lost S$100,000 in a scam. However, skeptics argue the law risks overreach and penalizes victims instead of empowering them.
“It does not show trust in people to make their own decisions,” said Denise, a concerned resident.
With scam losses reaching S$385.6 million in just the first half of 2024, the debate underscores the urgency of finding solutions that balance protection and individual autonomy in a rapidly evolving digital landscape.
Kmart’s facial recognition breach exposes more than a privacy violation. This extended analysis unpacks Wesfarmers’ compliance failures, the identity risks of biometric data, and how retail surveillance linking with social media could erode consumer trust.
Microsoft 365 remains healthcare’s weakest security link, with breaches rising from 43% in 2024 to 52% in mid-2025. Patient data exposure, soaring costs, and AI-driven cyberattacks in Australia highlight urgent gaps. Policymakers face mounting pressure to safeguard data sovereignty.
Cyber incidents in the Asia-Pacific have surged 29% in the past year, with Australia facing major breaches at the University of Western Australia and Qantas. Manufacturing is the top target, deepfakes are on the rise, and experts warn the region is in a digital arms race demanding urgent action.
ASIO’s $12.5 billion espionage warning is more than a tally of stolen secrets. It reveals a national digital crisis. With 24 major spy operations disrupted and identity systems exposed, Australia’s critical infrastructure and social services face a growing risk of collapse from unseen cyber threats.
Where cybersecurity meets innovation, the CNC team delivers AI and tech breakthroughs for our digital future. We analyze incidents, data, and insights to keep you informed, secure, and ahead. Sign up for free!
