Experts are warning the Reserve Bank of Australia (RBA) needs to be extremely carefully about how it pursues a Central Bank Digital Currency (CBDC) with fears it could destabilise the economy or create a dystopian nightmare. Central banks around the world are now exploring the evolution of fiat currency through CBDCs in response to the… Read more »
The eSafety Commissioner will be able to tell search engines like Google to delete links pointing to offending content under legislation that comes into effect early next year. Under the re-configured Online Content Scheme, the eSafety Commissioner can direct internet companies like social media platforms, ISPs, app stores, and even search engines to remove or… Read more »
A new vulnerability sent shockwaves across the internet over the weekend, sending IT teams scrambling to fix Java servers before they are exploited by ruthless attackers looking for an easy foothold into systems. It’s colloquially called Log4Shell and one security expert has said it could be “the single biggest vulnerability in the history of modern… Read more »
An Australian-made decentralised autonomous organisation (DAO) is hoping to re-shape the music industry for Web3 by giving independent musicians more transparency and control over how they get paid for their art. MODA DAO is a not-for-profit foundation looking to build a modern music ecosystem using blockchain technology. The associated coin MODA landed on distributed exchange… Read more »
Australian computer scientist and self-proclaimed inventor of bitcoin Craig Wright has survived a lawsuit that would have seen him hand over half of a 1.1 million Bitcoin fortune – today worth around $71 billion – to the family of former business partner David Kleiman. Wright was, however, ordered to pay US$100 million in damages to… Read more »
The corporate regulator is trying to get its hands on a hidden bitcoin wallet worth up to $22 million as it tracks down money that alleged superannuation fraudsters took from investors. Last month, the Australian Securities and Investment Commission (ASIC) moved to shut down Gold Coast company A One Multi which it alleges was claiming… Read more »
Unchecked technological advancement is destroying our shared reality and sewing severe discord in social democracies, 2021 Nobel Peace Prize winner Maria Ressa has warned. Speaking at the Australian Strategic Policy Institute’s Sydney Dialogue event last week, Ressa – founder of Filipino news site Rappler and the country’s first Nobel Laureate – described what she called… Read more »
Google has announced a $1 billion investment in Australia over five years, bringing with it thousands of new jobs, along with ‘digital infrastructure’ to help businesses in the post-COVID recovery period. Prime Minister Scott Morrison amicably shook hands with Google Australia Managing Director, Mel Silva, at Google’s newly-expanded offices in Sydney, less than a year… Read more »
The Australian Competition and Consumer Commission (ACCC) wants to end Google’s reign as the default search engine for Australians, saying its dominance has likely “stifled innovation and reduced consumer choice”. The consumer watchdog released the interim report of its Digital Platform Services Inquiry on Thursday and has taken aim at Google for penning deals to ensure its Search… Read more »
The government is getting ready to hand out $10 million fines for companies mismanaging user information with new legislation targeting social media companies. A draft of the Privacy Legislation Amendment (Enhancing Online Privacy and Other Measures) Bill 2021 – or the Online Privacy Bill for short – was circulated on Monday. The bill aims to… Read more »
The federal government will introduce a new mandatory ransomware reporting scheme as it looks to crackdown on cybercriminals targeting Australians. Sparse details about the scheme were announced alongside the Department of Home Affairs’ Ransomware Action Plan, released on Wednesday, but the government said it will likely affect businesses with an annual turnover greater than $10… Read more »
Melissa Price is the new Minister for Science and Technology after a cabinet reshuffle on Friday afternoon, making her the seventh minister to take on the science portfolio in as many years. Price, the member for Durack in WA, will add science and technology to her workload as Minister for Defence Industry. Announcing the changes… Read more »
China has continued its bitcoin crackdown by making all cryptocurrency transactions illegal. The Chinese central bank issued a statement on Saturday, seeking to clarify a joint notice from regulators in May which told financial institutions to step away from all cryptocurrency activity, signalling an end to the country’s involvement in the speculative digital assets. “In recent years, bitcoin and… Read more »
Australia continues to be an easy target for ransomware groups who profit from poor corporate accountability and a culture of secrecy. The number of ransomware incidents affecting local organisations increased by 24 per cent in the first six months of 2021, according to data from the Office of the Australian Information Commissioner’s (OAIC) latest notifiable data breaches report. Unfortunately,… Read more »
The government is looking closely at regulations affecting cryptocurrency as it considers how to handle digital assets and encourage innovation in the broader blockchain ecosystem. Chair of the Select Committee on Australia as a Technology and Financial Centre, Senator Andrew Bragg, said the government recognises cryptocurrency is an “area of full of opportunity and full… Read more »
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