Bendigo Bank cops $8m cyber penalty

Bendigo and Adelaide Bank faces a proposed $8 million penalty after admitting to significant cybersecurity failures that led to a cyberattack with nearly $500,000 in unauthorised transactions across 257 customer accounts. The Australian Prudential Regulation Authority (APRA) highlighted severe weaknesses in customer password policies and governance issues, with some vulnerabilities known from prior penetration tests in 2020 but not fixed.

This Wire brief sits within Fusion42's coverage of Fintech.