Australia's Banking System at Risk: Rising Cyber Threats Amid Global Tensions

Australia's banking system is under growing threat from cyberattacks due to heightening geopolitical tensions, warns the Australian Prudential Regulation Authority (APRA). Chair John Lonsdale emphasizes that APRA will enhance its collaboration with banks to mitigate these risks in the coming year.

Australia's prudential regulator has issued a stark warning about the vulnerable state of the nation's banking system, citing increasing risks of cyberattacks fueled by rising geopolitical tensions.

John Lonsdale, chair of the Australian Prudential Regulation Authority (APRA), has announced the regulator's intent to fortify its collaboration with banks across the country to stave off looming cyber threats.

In the upcoming year, APRA plans strategic measures to help financial institutions reinforce their defenses against potential cyberattacks that could destabilize the financial sector.

(With inputs from agencies.)