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Australia could become Asian cybersecurity base, says CBA's security chief

Byron Connolly | March 11, 2015
Australia could become a beachhead of cyber security capabilities into Asia due to our stable ICT and economic environment and comparatively high level of trust compared to our neighbours in the region.

Meanwhile, CBA is seeing a fast take up of innovations such as contactless transactions, cardless ATMs, and real-time banking.

"If we look at our credit card transactions, one quarter of them are using contactless technology. So we have a strong appetite within Australia for innovation and the adoption of digital services," he said.

The bank is also looking at using biometrics and cryptocurrency technologies. It recently invested $5 million with the University of New South Wales to research quantum cryptography.

"Quantum mechanics and quantum cryptography potentially has a whole range of applications, some of those being in the financial services sector — but all of this allows us to harness greater computational power and execute faster encryption and decryption of private messages and help us secure transactions and interactions with our customers," he said.

 

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