News: IFL IOOF Holdings Advises ASIC Commenced Proceedings Against RI Advice Group Pty Ltd, page-5

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Chris60

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22/08/20

07:13

Post #: 46733609
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Originally posted by ishanroy: ↑

Cybersecurity is becoming more and more important and most of the companies will have to (forced in some cases) to have a good strategy. A lot of big companies are not spending money on cybersecurity thus this kind of news will become normal moving forward. I have worked with a lot of big brands and they hardly spend money on cybersecurity not because they don't have the money but they think it is not important and it is hard to find the right resources (due to shortage in resources in Australia) buying off the shelf product has a lot of integration challenges thus it might not be viable specially with finance companies as they are using some of the oldest technology in the world (some of them are written Cobol (a computer language designed in 1959), The news is disappointing as we all know how important cybersecurity is in this day and age however it is nothing out of the ordinary- if a proper audit is done a lot of companies will be exposed for not have a plan or having a plan which is not effective. Many local government were hacked last year in US by garage hackers, this is nothing new but I certainly expected better risk planned from a company like IOOF.

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I thought that this is an ANZ liability from a 2 minute glance reading the AFR. IOOF are just the current owner of the resold business? correct me if l am wrong please but it's nothing to do with IOOF?

IFL Price at posting: $4.35 Sentiment: Buy Disclosure: Held
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