Money

Optus hack – which businesses are at the highest risk of hacks?

Published

3 years ago

September 28, 2022

A hacker has threatened to release the private information of millions of Optus customers, this includes passports, medicare numbers, drivers licenses and banking information

If you’re one of the millions of Australians affected by the recent Optus data breach, you may be wondering what to do next.

Fortunately, the government has announced that Optus will be footing the bill for anyone who needs to change their driver’s licence number and get a new card.

This process is expected to cost the telco millions of dollars.

In the meantime, if you are concerned about your identity being compromised, experts recommend taking steps to protect yourself such as monitoring your credit report and changing your passwords and identity documents.

Optus has also set up a dedicated hotline for customers who want to know more about the data breach and what it means for them.

The hacker claimed to have accessed Optus customer names, addresses, dates of birth, driver’s licence numbers and credit.

They demanded a $1m ransom in cryptocurrency and threatened to release the data otherwise.

Now, they claim the data has been deleted, but there is no proof of this.

Can the hacker be found?

Susie Jones, Chief Executive at Cynch Security says it can be incredibly difficult to find cybercriminals “which is why it’s such a large market these days unfortunately.”

However, the the actions that they’re taking “certainly does indicate that they’re getting cold feet and certainly becoming a lot more nervous about the attention”.

“So whilst the pessimist cyber CEO hitting me says that they won’t be found. The optimistic Australian certainly hope they will be,” Susie says.

How long do people have to worry about hackers using their stolen ID information?

Good news – It’s not too late.

“The first step that they should be doing is really remaining vigilant and making sure that they’re scrutinising all of their bank accounts, all of their phone records, making sure that they’re really staying on top of what it is that is going on in their accounts and their personal data and personal lives,” Susie says.

“Being very, very careful around scam phone calls and emails. cyber attackers are very good at that now and they will be actively exploiting this opportunity.”

Susie says to make sure that you’re remaining vigilant and stay on top of what the latest scams are, so that you can spot them and delete them straight away.

Optus is in the business of dealing with people’s data and tech as one of Australia’s largest telco’s – what businesses are at the highest risk of ransomeware attacks?

“Businesses of every size, doesn’t matter if you’re a sole trader right up to the likes of Optus, are actively being attacked by cyber criminals every minute of every day.”

“But that’s just a reality. What this does do is raise awareness that personal data that is this is collect, even if it might seem small to yourself, and to the likes of hope this can be incredibly valuable and also from hands can be very, very damaging,” Susie says.

“So for those businesses that are not having to respond directly to this attack, they should be actively reviewing their own processes reviewing what personal information do they collect and store and making sure that they’re keeping it safe.

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Money

Inflation rise reduces chances of Reserve Bank rate cut

Inflation spikes, drastically reducing chances of a Reserve Bank rate cut amid economic pressures and rising costs

Published

22 hours ago

October 29, 2025

ticker NEWS

Inflation spikes, drastically reducing chances of a Reserve Bank rate cut amid economic pressures and rising costs

In Short:
– Rate cut likelihood by the Reserve Bank has decreased due to a rise in annual inflation to 3.2 per cent.
– Significant price increases in housing, recreation, and transport are raising concerns for the Reserve Bank.

The likelihood of a rate cut by the Reserve Bank has decreased significantly after a surge in annual inflation.

The Australian Bureau of Statistics reported that inflation for the year ending September rose to 3.2 per cent, reflecting a 1.1 per cent increase.

Trimmed mean inflation, a crucial measure for the Reserve Bank, was recorded at 1 per cent for the quarter and 3 per cent for the year. The bank anticipates inflation to reach 3 per cent by year-end, while trimmed mean inflation is expected to slightly decrease.

The quarterly rise of 1.3 per cent in September exceeded expectations. Governor Bullock noted that a deviation from the Reserve Bank’s projections could have material implications.

Financial markets reacted promptly, with the Australian dollar rising against the US dollar, while the ASX200 index fell.

The most significant price increases were observed in housing, recreation, and transport, indicating widespread price pressures that concern the Reserve Bank.

Despite the unexpected inflation rise, some economists believe the Reserve Bank may still consider rate cuts in December, viewing current price spikes as temporary due to the winding back of subsidies.

Economic Pressures

Broad-based economic pressures suggest that the Reserve Bank may not reduce interest rates at its upcoming meeting. Analysts highlight the need for ongoing support for households facing cost-of-living challenges.

Money

Wall Street hits record highs on low inflation

Wall Street hits record highs on cool inflation and strong earnings ahead of key Federal Reserve interest rate decision

Published

4 days ago

October 26, 2025

Ahron Young

Wall Street hits record highs on cool inflation and strong earnings ahead of key Federal Reserve interest rate decision

In Short:
– U.S. stocks rose to record highs on Friday due to lower inflation and strong corporate earnings.
– Key earnings reports from major companies are expected next week, influencing market trends.

U.S. stocks rose to record highs on Friday due to lower-than-expected inflation data and positive corporate earnings.The S&P 500 and Nasdaq achieved their largest weekly gains since August. The Dow saw its biggest jump from Friday to Friday since June.

The Labor Department reported that the Consumer Price Index was slightly cooler than analysts’ predictions, easing concerns about inflation impacts from tariffs. This development suggests a likely interest rate cut by the Federal Reserve at its upcoming meeting.

Ryan Detrick from Carson Group noted the positive inflation news may facilitate forthcoming Fed rate cuts. Despite the ongoing government shutdown affecting data releases, this CPI report provided much-needed clarity.

Earnings reports are continuing, with 143 S&P 500 companies having reported results. Growth expectations for third-quarter earnings have risen to 10.4%. Detrick indicated a strong opening to the earnings season with a significant percentage of companies exceeding expectations.

This coming week, key earnings will be reported from Meta Platforms, Microsoft, Alphabet, Amazon, and Apple, alongside industrial companies like Caterpillar and Boeing.

The Dow rose 472.51 points to 47,207.12. The S&P 500 increased by 53.25 points to 6,791.69, while the Nasdaq gained 263.07 points, reaching 23,204.87.

Alphabet gained 2.7% following a deal expansion with Anthropic. Coinbase saw a 9.8% increase from a JPMorgan upgrade. In contrast, Deckers Outdoor’s shares fell 15.2% after lowering sales forecasts.

Market Trends

Advancing stocks on the NYSE outnumbered decliners by 2.18 to 1. The S&P 500 had 34 new highs, with the Nasdaq recording 124.

Trading volume was 19.04 billion shares, lower than the average of the past 20 days.

Money

US stocks face tests from Tesla, Netflix earnings

US markets brace for Tesla and Netflix earnings amid rising volatility and delayed inflation data

Published

2 weeks ago

October 19, 2025

Ahron Young

US markets brace for Tesla and Netflix earnings amid rising volatility and delayed inflation data

In Short:
– Earnings reports from Tesla and Netflix might affect U.S. stock performance next week amid high inflation concerns.
– Increased market volatility arises from U.S.-China trade tensions and fewer S&P 500 stocks in an uptrend.

This coming week, earnings reports from companies including Tesla and Netflix are anticipated to impact U.S. stock performance.

Investors are also awaiting delayed U.S. inflation data, which could test market stability as it remains near record highs.Recent trading activity has shown increased volatility, influenced by ongoing U.S.-China trade tensions and concerns regarding regional bank credit risks. The CBOE volatility index has seen a rise, indicating increased market uncertainty.

The S&P 500 entered its fourth year of growth amidst these fluctuations, having previously experienced a period of calm. Experts suggest market risks are intensifying as valuations reach peak levels.

Market Volatility

Concerns regarding U.S.-China trade relations escalated last week when the U.S. threatened to raise tariffs by November 1 over China’s rare-earth export policies. President Donald Trump is scheduled to meet with President Xi Jinping in two weeks to discuss these issues.

Despite these challenges, major stock indexes gained ground over the week, with the S&P 500 up 13.3% year-to-date. However, a noticeable decline in the number of S&P 500 stocks in an uptrend raises caution among investors about underlying market weaknesses.

The upcoming third-quarter earnings will be closely monitored, especially as the government shutdown halts economic data releases. Companies like Procter & Gamble, Coca-Cola, RTX, and IBM are due to report. The delayed U.S. consumer price index is also expected to provide crucial insights ahead of the Federal Reserve’s monetary policy meeting on October 28-29.