The Australia and New Zealand Bank Group Ltd (ASX: ANZ) share price is gaining amid reports the bank hired external auditors after major security breaches.
According to The Age, some former employees of the bank were able to continue to access the bank’s internal systems despite their contracts ending.
However, ANZ disputed the reports. In a statement, an ANZ spokesperson said, “[T]here have been no material breaches related to ANZ employees or contractors that have left the bank.”
At the time of writing, the ANZ share price is $28.28, 0.14% higher than its previous closing price.
Let’s take a closer look at the rumours facing Australia’s third-largest bank by market capitalisation.
ANZ faces reports of security breaches
The ANZ share price is holding its position on the ASX on Tuesday. Meanwhile, rumours are swirling the bank is struggling to retain security as its technology ages.
The Age cites unnamed sources as claiming former employees and previously-contracted technology developers located offshore have managed to evade the bank’s automated security controls.
The publication also pointed to a disclosure report from 2020 that noted the bank called upon auditor KPMG to test the bank’s technological defences. Additionally, The Age reported PwC has been working on improving ANZ’s “approach to identity management”.
Further, the bank recently looked to onboard information technology specialists to work on identity and access management.
An ANZ spokesperson disputed the reports, saying cyber security is one of the bank’s top priorities:
ANZ has automated processes that terminate critical system access when staff members or contractors leave ANZ. This process has been tested and audited by both internal and external teams and found to be effective…
We invest in sophisticated capability including an in-house 24/7 Security Operations Centre and a range of monitoring and analysis tools and continue to upgrade these capabilities in line with changing threats.
ANZ share price snapshot
It is unlikely the ANZ share price has moved due to today’s headline. In fact, the bank’s stock has been having a great run lately.
It is currently trading for 24% more than it was at the start of 2021. It’s also 45% higher than it was this time last year.