Australian Information Security Incident Reported: June 25 2019
The IT consultant has been sentenced to three years in prison.
An Australian IT consultant has on Tuesday been sentenced to three years imprisonment after pleading guilty to a total of 11 charges for insider trading, unauthorised access to data with the intention to commit a serious offence, and the alteration of electronic devices required by the Australian Securities and Investments Commission (ASIC).
According to a statement from ASIC, Steven Oakes hacked into the private computer network of Melbourne-based financial publisher Port Phillip Publishing (PPP) between January 2012 and February 2016.
An ASIC report on the cyber resilience of over 100 firms operating across Australia’s financial markets has shown a growing understanding of cyber risks, but there is still some progress to be made.
Report 555Cyber resilience of firms in Australia’s financial markets collates and analyses the results of self-assessments from over 100 stockbrokers, investment banks, market operators, post-trade infrastructure providers and credit rating agencies.
ASIC has said that the cyber insurance brokers and insurers in Australia have the potential to be a launchpad for businesses to take cyber risk seriously putting boards on notice – and therefore take up cover too.