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Australian Financial Services Company Fined Over Major Security Breach

Fabio Suffell

If you are worried about the security of your business, then give Qbit a call on (08) 6364 0600 and chat with one of our experts for a no-obligation chat about cyber security in your business.
 
We will unpack what cyber defences they had missing and what they should have had in place.

1. Poor password practices

This includes sharing of passwords between employees, use of default passwords, passwords, and other security details being held in easily accessible places or being known by third parties.

  • Every user should have a unique password known only by them;
  • Every user should have Multi-Factor Authentication enabled;
  • Passwords need to be complex, 10 characters with numbers, letters, and symbols;
  • Companies should have a password vault for all non-windows passwords.

2. No backup system in place or backups not being performed

  • Servers need to be backed up at least daily;
  • Microsoft 365 needs to be backed up;
  • Backups need to be secure so that cannot be altered;
  • Backups need to be off-site;
  • Need to understand how quickly you can recover from a disaster and if that suits your business.

3. No filtering or quarantining of emails

  • Washmail to catch and quarantine the vast majority of spam;
  • Graphus automated phishing defence platform.

4. Computer systems that did not have up-to-date antivirus software installed and operating

An anti-virus that is remotely monitored is a basic requirement and it is hard to believe any company did not have this

There are some other basics for workstations, Managing Windows Updates – Qbit Agent pushes updates to workstations daily to ensure they stay as up-to-date as possible.

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Qbit IT Solutions

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Get a free IT environment assessment Contact us
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