ASX banks are facing millions of cyber attacks each day

The big ASX banks like Australia and New Zealand Banking Group Ltd (ASX:ANZ) are facing millions of cyber attacks each day.

Man on laptop with cybersecurity symbols

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The big ASX banks are seeing millions of cyber attacks each day.

That's according to the boss of the Australia and New Zealand Banking Group Ltd (ASX: ANZ) institutional bank, Mark Whelan, who was talking at the Australian Financial Review's Business Summit.

Mr Whelan said that ANZ alone sees 8 million to 10 million cyber attacks every day on the bank's system. He believes that each ASX bank would be seeing similar things. That means that the other banks of Commonwealth Bank of Australia (ASX: CBA), Westpac Banking Corp (ASX: WBC) and National Australia Bank Ltd (ASX: NAB) could all be seeing the same thing.

One of the main ways that the ASX bank is trying to help the situation is by teaching staff and customers about cyber crime, with the bank practicing sending phishing attempts to staff.

We also learned at the AFR summit that Westpac is seeing a growing number of cyber attacks, so it's putting more money and people to defend against attacks.

Mr King said:

You've got to think about who you are hiring because they try and get in through your employees.

Cyber attacks are happening all over the world. There was reportedly an attack on Australia's federal parliament IT services.

The diversified media business Nine Entertainment Co Holdings Ltd (ASX: NEC) has also experienced a cyber attack.

In-fact, there have been many high-profile cyber attacks in recent years that led to many millions of accounts being exposed.

What can be done about these attacks?

It's good to know how to protect your own personal details and accounts where you can, but in terms of these breaches there's not much we can personally do.

However, there are a number of global cybersecurity businesses that aim to protect businesses, governments and organisations against attacks.

If you want exposure to these cybersecurity businesses, then Betashares Global Cybersecurity ETF (ASX: HACK) is an exchange-traded fund (ETF) provided by BetaShares. It's invested in both global players as well as emerging companies in the sector.

It's invested in businesses like Cisco Systems, Accenture, Splunk, Zscaler, Crowdstrike, VMWare, Leidos, Juniper Networks, F5 Networks and Akamai Technologies.

BetaShares says that with cybercrime on the rise, the demand for cybersecurity services is expected to grow strongly for the foreseeable future. Since inception in August 2016, the Betashares Global Cybersecurity ETF has delivered a return of an average of 19.2% per annum.

Australian Prudential Regulation Authority (APRA) deputy chair John Lonsdale explained to the AFR Summit that cyber attacks have risen since COVID-19 and that the digitisation of the economy, particularly people working from home, is posing risks and issues.

Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of BETA CYBER ETF UNITS. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Share Market News

a group of enthusiastic people dash out of open doors as though in a hurry to purchase something. The picture features the legs of some people, faces of others and people in the background trying to get through the crowd.
Opinions

Why I'm calling this ASX reporting season 'buying season'

Reporting season might come in like a wrecking ball... and that's fine by me.

Read more »

A man clenches his fists in excitement as gold coins fall from the sky.
Broker Notes

These ASX shares could rise 20% to 40%

Big returns could be on offer from these stocks according to analysts.

Read more »

A man in his office leans back in his chair with his hands behind his head looking out his window at the city, sitting back and relaxed, confident in his ASX share investments for the long term.
Share Market News

Good ASX news! Australia's 'one of the cleanest markets in the world'

Investors can sleep well at night knowing our market system has integrity.

Read more »

three businessmen high five each other outside an office building with graphic images of graphs and metrics superimposed on the shot.
Share Market News

5 Australian shares to buy and hold forever

Analysts think these buy-rated shares would be great options for investors.

Read more »

A man holds his head in his hands, despairing at the bad result he's reading on his computer.
Share Market News

Could Fortescue shares fall a further 14% from here?

Bell Potter is tipping the mining giant's shares to continue sinking.

Read more »

Happy work colleagues give each other a fist pump.
Share Market News

Here are the top 10 ASX 200 shares today

The ASX actually finished its week on a high note today.

Read more »

Two parents and two children happily eat pizza in their kitchen as a top broker predicts a 46% upside for the Domino's share price
Broker Notes

Buy one, sell the other: Goldman's take on these 2 ASX retail shares

Despite high interest rates and inflation, ASX retail shares have been on a strong run.

Read more »

Three guys in shirts and ties give the thumbs down.
Share Fallers

Why Bellevue Gold, Chrysos, Meteoric Resources, and Newmont shares are falling today

These shares are having a tough finish to the week. But why?

Read more »