Which of the major Australian banks are at risk of being hit by an information leak?

AUSTRALIAN financial institutions face an information crisis that could threaten their business models, a new report has found.

Key points:Information about a significant number of the Australian banks could be made public by the end of 2018The banks have been given six months to fix their vulnerabilitiesThe report, by the Australian Institute of Management, says the major banks are vulnerable to an information breachIf the banks are exposed, the report warns the damage could be far greater than just lost data.

Key Points:The report says the Australian Financial Services Association (AFSA) is calling on all Australian banks to fix vulnerabilitiesThe financial institutions are also required to provide information about the risk they faceThe report warns a major information leak could have a significant impact on their business model, financial products and regulatory complianceThe Australian Financial Institutions Association (AIFIA) is urging all major Australian financial institutions to fix major vulnerabilities, the financial institutions’ biggest risk is information about them.AIFia’s report, which is due to be released in the coming weeks, is the latest warning that the major banking sector faces an information vulnerability.

“We’re seeing this information flow in from the big banks, so that’s why this is so important,” said AIFIA chief executive, Paul Jansen.

“It’s not a small risk, but it is an enormous risk.”

The report found the major financial institutions were vulnerable to information leaks of “a significant number” of their data.

It said these leaks could expose bank information, as well as the identities of their staff, clients and customers.

“These leaks could have the potential to be far more serious than any loss of data,” it said.

The Australian Institute for Management said it would not be surprised if some information was leaked to a third party.””

It would put our customers’ personal data at risk and potentially their financial wellbeing.”

The Australian Institute for Management said it would not be surprised if some information was leaked to a third party.

“If the information in question has been made public, then the information that is publicly released could include credit or debit card details, contact details and financial accounts,” the report said.

The AIFAA has recommended that all Australian financial services companies should make the information public within six months.

“In the meantime, it’s essential that we fix the vulnerabilities identified in this report,” it wrote in a report to the Federal Government.

The report recommended all major financial services firms should also create a risk management policy, and implement an electronic monitoring system.

“This would provide the opportunity for banks to monitor the information they share and take appropriate action,” it concluded.

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