An Enterprise Resource Planning (ERP) system is an integrated suite of business management software that brings all a company’s key operational information together in one centralised database.
On May 7, a pipeline system carrying almost half the fuel used on the east coast of the United States was crippled by a major cyber attack. The five-day shutdown of the Colonial Pipeline resulted in widespread fuel shortages and panic-buying as Virginia, North Carolina and Florida declared a state of emergency. The attack highlights how vulnerable critical infrastructure such as fuel pipelines are in an era of growing cyber security threats. In Australia, we believe the time has come to make it compulsory for critical infrastructure companies to implement serious cyber security measures.
The Reserve Bank of New Zealand has released the findings of independent reports on an illegal data breach on Christmas Day 2020 and its handling of sensitive information.
Our nation’s critical infrastructure is a highly connected system – one that supports and drives our day to day operations as businesses and as a nation. However, connectivity without security creates vulnerabilities that can have immense repercussions. With this in mind, the Australian Government has announced reforms to the Security of Critical Infrastructure (SOCI) Act 2018 that will impose new obligations on organisations covered by the legislation to manage the security and resilience of owned assets.
In the Federal Budget 2021, the Government committed $1.2 billion to its Digital Economy Strategy. Its goal is to improve Australia’s competitiveness, boost productivity, create jobs, lift wages, and to become a leading digital economy by 2030.
