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How Australia Plans to Fortify Fintech Cyber Security

Australia Fintech & Cyber Security

Australia is seeking to fortify its own homegrown cyber security in fintech, an initiative led by the government as a means of becoming less dependent on overseas and foreign technology. Australia's already large financial services industry faces the threat of cyber attack, so Australian government is poised to enhance funding and prioritisation of Australian-based cyber security startups.

According to the Australian Trade and Investment Commission, Australia's financial services industry, which systems manage the country's AU$1.3 trillion in funds, are at risk. Thus, financial institutions are employing extensive and costly security technologies to compete with potential attacks on the financial industry. As cyber attacks become more pervasive and sophisticated, the Australian government is looking to build innovative security to keep financial systems safe.

By building new companies, the government will both fortify their financial services technology and grow its economy thus beginning the plans to cultivate a better situation for cyber security startups and companies, to burgeon the market and innovate technology in the field.

The Australian government has committed to spending AU$230 million over the next three years to expand the country's cyber security. Research and education are primed as two avenues the government will use to fortify cyber security.

Furthermore, the National Fintech Cyber Security Design Challenge will be implemented, in which organisations outline specific security issues they are faced with, and provide a comprehensive list of how startups can provide aid and protection. This initiative will be followed by backers of the effort, incubating startups focusing on specific and streamlined issues, in eventual hopes of building commercialised products at home instead of relying on overseas innovation.

The Cyber Security Growth Centre which receives AU$30 million in federal funding, and will do so through 2020, is expected to help coordinate this effort, with the aid of the Australian Cyber Security Growth Network, a not-for-profit company. As well, a Cyber Security Innovation Lab is being proposed, with the purpose of aiding in the commercialisation of cyber security and innovation in fintech. Government agencies, companies and researchers are all expected to play integral roles in the country's proposed efforts to fortify its cyber security.

In the United States, the government requires any organisation dealing with private health information to adhere to strict security guidelines defined by the Health Insurance Portability and Accountability Act (HIPAA). However, other industries can benefit from these higher levels of security. Read Giva's whitepaper "Why HIPAA Compliance Should Be Applied to Other Industries to Increase Security" to understand how software meeting HIPAA standards could help your company better its risk management strategy.