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Ellie Sweeney Named as the New CEO of NBN Co


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Brief Overview

  • Ellie Sweeney has been appointed as NBN Co’s new CEO, effective December.
  • With over 20 years at Telstra and Vocus, Sweeney brings extensive expertise.
  • Her vision is centered on enhancing digital infrastructure for all Australians.
  • Sweeney will oversee NBN Co’s ongoing fibre-to-the-node (FTTN) and fibre-to-the-curb (FTTC) overbuild projects.
  • NBN Co is expediting talks on multi-gigabit offerings, notably including 2Gbps products.
  • This appointment is timely as NBN Co strives to provide top-notch broadband access.

Ellie Sweeney Takes the Helm as NBN Co’s New CEO

Ellie Sweeney appointed as new CEO of NBN Co

Ellie Sweeney, a seasoned leader with over two decades in the telecommunications sector, has been named the new CEO of NBN Co. This appointment follows the exit of Stephen Rue, who transitioned to Optus earlier this year. Set to commence in December, Sweeney carries a significant background that will be pivotal as NBN Co tackles its current projects and future challenges.

Rich Background and Leadership

Joining NBN Co from Vocus, where she held the role of Chief Operating Officer before ascending to CEO last year, Sweeney cultivated impactful operational efficiencies and drove strategic initiatives during her six-year tenure.

A previous 14-year career at Telstra, Australia’s leading telecommunications firm, saw Sweeney in prominent positions, including Executive Director of Global Enterprise Services and Sales. Her broad experience in operational and executive capacities perfectly positions her to steer NBN Co into its next growth phase.

Vision for Fortifying Digital Infrastructure

Sweeney’s appointment occurs during a strategic period for NBN Co, as the organization presses on with initiatives to improve Australia’s digital framework. In her statement, Sweeney affirmed her dedication to engendering significant transformation that guarantees all Australians access to the necessary digital resources for success. “My vision for our future believes that expanding and improving our digital infrastructure and technology allows us to create impactful change, ensuring all Australians can flourish,” she stated.

This vision is in harmony with NBN Co’s ongoing undertakings, especially the effort to upgrade current fibre-to-the-node (FTTN) and fibre-to-the-curb (FTTC) links to faster and more dependable fibre-to-the-premises (FTTP) connections—an essential upgrade to satisfy the increasing demand for high-speed internet nationwide.

Advancing Multi-Gigabit Services

Sweeney will also spearhead NBN Co’s acceleration of discussions regarding multi-gigabit services while managing the fibre enhancement initiatives. The organization is in the process of introducing new 2Gbps products tailored for both residential and commercial customers within the fibre and hybrid fibre-coaxial (HFC) areas. These high-speed offerings are anticipated to play a vital role in addressing the future requirements of Australian consumers and businesses as the digital market continues to evolve.

NBN Co recognizes the significance of Sweeney’s leadership during these critical times. NBN Co Chair Kate McKenzie stated, “[Sweeney] possesses a wealth of experience and a profound understanding of the telecommunications environment, and she will continue to fulfill our promise of providing homes and companies with access to world-class broadband—empowering individuals; serving customers, valued partners, and stakeholders; while maintaining NBN’s robust culture.”

Government Recognition and Expectations

The governmental sphere has also taken notice of Sweeney’s appointment. Communications Minister Michelle Rowland emphasized the importance of the timing, pointing out that Sweeney’s guidance will be vital in optimizing the advantages of the NBN for every Australian. The government’s commitment to ensuring that NBN Co provides dependable and swift internet access throughout the nation aligns seamlessly with Sweeney’s outlook.

Conclusion

Ellie Sweeney’s rise to CEO of NBN Co signifies a noteworthy leadership transition at a vital juncture for the organization. With her profound telecommunications background, Sweeney is well-prepared to guide NBN Co as it advances its ambitious goals to modernize Australia’s digital infrastructure and roll out new multi-gigabit services. Her focus on broadened digital accessibility aligns with both the company’s aims and the government’s larger vision. As she steps into this role in December, attention will be on Sweeney’s direction for NBN Co’s upcoming chapter.

Q: What experience does Ellie Sweeney have?

A:

Ellie Sweeney brings more than 20 years of experience in the telecommunications sector. She has held leadership positions at Vocus, where she was CEO, and at Telstra, where she served as Executive Director of Global Enterprise Services and Sales.

Q: What will be Sweeney’s main goals as NBN Co’s new CEO?

A:

Sweeney plans to enhance Australia’s digital infrastructure. Her key priorities include advancing NBN Co’s fibre-to-the-premises upgrade initiative and pushing forward discussions on multi-gigabit services, such as rolling out 2Gbps products for both consumers and businesses.

Q: Why does Sweeney’s appointment hold significance?

A:

Sweeney’s appointment is pivotal as it coincides with a critical moment for NBN Co. With the rising demand for high-speed internet and the persistent necessity for infrastructure enhancements, her leadership will be essential in ensuring the company’s success and competitiveness in the telecommunications sector.

Q: What challenges might Sweeney encounter in her new role?

A:

Sweeney will encounter various challenges, including overseeing ongoing infrastructure upgrades, addressing the increasing demand for high-speed internet, and navigating a competitive telecommunications landscape. Moreover, she will need to ensure that NBN Co consistently delivers reliable and accessible broadband services to all Australians.

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Aussie Broadband Divests Remaining Superloop Shares in Tactical Shift


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Quick Overview: Essential Insights

  • Aussie Broadband has divested its remaining 11.99% interest in Superloop for $99.8 million, achieving a profit of $42.7 million.
  • The firm aims to concentrate on expanding its internet brand Buddy Telco and merging with Symbio, a unified communications provider acquired for $262 million.
  • Aussie Broadband is actively looking into new acquisitions while also prioritizing organic growth.
  • The company has secured various enterprise contracts with major entities like Bunnings Warehouse and Hitachi Construction.

Aussie Broadband’s Strategic Transition: Divesting Superloop Ownership

Aussie Broadband sells remaining Superloop shares in strategic move

Aussie Broadband, the fibre infrastructure provider listed on the ASX, has made a definitive move in its strategic plan by selling off its remaining 11.99% stake in Superloop for $99.8 million. This sale represents a considerable financial benefit for the company, netting a profit of $42.7 million from the deal. This action follows just four months after receiving court approval to maintain a larger stake in Superloop, which it had originally acquired at 19.9%.

Core Business Expansion: Buddy Telco and Symbio Integration

With the Superloop scenario now concluded, Aussie Broadband has redirected its attention towards enhancing its primary business operations. The company is allocating resources to grow its internet brand, Buddy Telco, which provides fibre connectivity through the National Broadband Network (NBN) and its own infrastructure. Buddy Telco is established as a “digital-first challenger” brand, designed to innovate the market with competitive offerings and advanced services.

Alongside Buddy Telco, Aussie Broadband is also emphasizing the assimilation of Symbio, a unified communications-as-a-service (UCaaS) provider, acquired for $262 million in February 2023. Symbio comes equipped with a comprehensive range of services including data, voice, and messaging solutions, thus enriching Aussie Broadband’s overall value proposition for its customers.

Ongoing Pursuit of Acquisitions and Organic Growth

The firm has expressed readiness for future acquisitions, contingent upon their alignment with its growth strategy. “Aussie continues to investigate acquisitions in the normal course with a measured approach, considering our robust organic growth,” the company stated in its announcement to the Australian Securities Exchange (ASX).

This indicates that while Aussie Broadband is enthusiastic about growth through acquisitions, it remains committed to fortifying its current operations and services. This dual approach is likely to attract investors seeking both stability and growth potential.

Recent Achievements in the Enterprise Domain

In the wholesale fibre sector, Aussie Broadband has made substantial progress by securing various enterprise-level agreements. The company recently unveiled partnerships with significant brands such as Bunnings Warehouse, Hitachi Construction, Austin Health, Mercy Health, Grill’d, and United Petroleum. These agreements demonstrate Aussie Broadband’s capability to provide robust and dependable services to large enterprises across multiple sectors.

A Brief Recap of the Superloop Journey

Aussie Broadband’s initial foray into Superloop began in February 2023 when it acquired a 19.9% stake in the company. Complications arose when Superloop requested Aussie Broadband to cut its holdings down to 12%, citing regulatory approval requirements from Singapore’s telecommunications authority, the Info-communications Media Development Authority (IMDA).

Despite pursuing an injunction from the Federal Court to retain its full 19.9% stake, Aussie Broadband had to lower its shareholding to 12%. Ultimately, in March 2023, the company received Singaporean regulatory approval to maintain the larger stake. However, the decision to sell its remaining shares indicates a strategic realignment, allowing Aussie Broadband to concentrate on its other business pursuits.

Conclusion

Aussie Broadband has tactically divested its final 11.99% stake in Superloop for $99.8 million, securing a notable profit. This action enables the company to concentrate on developing its internet brand, Buddy Telco, and integrating its recent acquisition, Symbio. Aussie Broadband is also open to future acquisitions, while consistently winning major enterprise contracts, further strengthening its market position.

Q: What was the reason behind Aussie Broadband’s sale of its remaining stake in Superloop?

A:

Aussie Broadband divested its remaining stake in Superloop as part of a larger strategic shift. The company is now emphasizing the growth of its internet brand Buddy Telco and integrating Symbio, a unified communications provider acquired earlier this year. The sale also enabled Aussie Broadband to secure a significant profit, which could be reinvested into its core operations.

Q: Can you explain Buddy Telco and its significance for Aussie Broadband?

A:

Buddy Telco is a “digital-first challenger” brand introduced by Aussie Broadband, providing fibre connectivity through both the NBN and Aussie Broadband’s own network. This brand is essential for Aussie Broadband as it intends to disrupt the market with innovative and competitive internet services, thereby broadening its customer base and revenue streams.

Q: What services does Symbio provide, and how does it enhance Aussie Broadband’s offerings?

A:

Symbio is a unified communications-as-a-service (UCaaS) provider offering a full spectrum of services, including data, voice, and messaging solutions. By integrating Symbio into its portfolio, Aussie Broadband can deliver a wider range of services to its customers, enhancing its overall value proposition in the market.

Q: What are some notable recent enterprise agreements secured by Aussie Broadband?

A:

Aussie Broadband has recently secured enterprise contracts with several prominent organizations, including Bunnings Warehouse, Hitachi Construction, Austin Health, Mercy Health, Grill’d, and United Petroleum. These agreements exemplify the company’s capability to provide reliable and scalable services to large enterprises.

Q: What prospects lie ahead for Aussie Broadband?

A:

In the future, Aussie Broadband is anticipated to maintain its focus on organic growth while also exploring potential acquisitions that are in line with its strategic goals. With substantial investments in Buddy Telco and Symbio, the company is well-situated to enhance its market presence and broaden its service offerings.

This article is designed to offer thorough insights into Aussie Broadband’s recent endeavors while being optimized for search engines. The “Quick Overview” section delivers a succinct summary for readers who prefer brevity, while the main content delves deeper into the company’s strategic initiatives. The Q&A section addresses potential reader inquiries, enhancing the article’s practicality and relevance.

Tesla Introduces Revolutionary Smart Summon: Maneuvers Through Car Parks and Follows Road Signs in New 2024.27.20 Release


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Quick Overview

  • Newest Update: Tesla has launched the 2024.27.20 software update, introducing an enhanced iteration of Smart Summon, now called ‘Actual Smart Summon’ (A.S.S).
  • Progress of Smart Summon: The updated version employs an end-to-end neural network, enabling it to navigate intricate environments and adhere to road signs proficiently.
  • Parking Lot Navigation: A.S.S is now capable of maneuvering through parking lots, interpreting signs, and following legal paths, delivering a more natural driving experience.
  • Enhanced Features: Tesla has revealed future enhancements, including integrations with HomeLink & myQ garages, operation without continuous pressing, and increased range functions.
  • Australian Rollout: While this feature is being disseminated globally for HW4 vehicles, its launch in Australia is still unclear and may face delays due to regulatory obstacles.

Next-Gen Tesla Smart Summon: A Revolutionary Step for Self-Driving Technology

The recent 2024.27.20 software update from Tesla marks a crucial advancement in its Smart Summon feature, now redefined as ‘Actual Smart Summon’ (A.S.S). This improvement is set to enhance the driving experience by enabling Teslas to adeptly navigate complex settings, such as parking lots, with greater intelligence and precision. This update signifies a significant progress in self-driving technology, notably in its ability to process complicated environments and comply with road signs.

Tesla Smart Summon navigating parking lots in 2024.27.20 update

What is Actual Smart Summon?

Initially launched as a capability that enabled Tesla vehicles to autonomously travel to your location within a limited distance, Smart Summon has faced varied feedback due to challenges like routing delays, slowness, and restricted usability. Nevertheless, the updated A.S.S feature utilizes an advanced end-to-end neural network, significantly enhancing its capacity to traverse intricate surroundings such as parking lots, roundabouts, and driveways.

The most recent update highlights the car’s improved capacity to recognize and comprehend road signs, plan routes more effectively, and adhere to legal paths—features that were previously lacking. An illustrative video by AI DRIVR shows the vehicle avoiding an illegal left turn, skillfully navigating a parking lot roundabout, and arriving at the user’s specified location safely and in a timely manner. This boosted functionality is a noteworthy advancement towards fully autonomous vehicles.

How It Operates: Live Camera Feeds and Connectivity

One remarkable feature of A.S.S is its seamless integration with the Tesla app on mobile devices. Users can access real-time camera feeds from the vehicle, allowing them to track their car’s journey as it happens. Moreover, the update enables users to halt the vehicle at any moment simply by lifting their finger off the touchscreen, enhancing safety measures.

Tesla’s assurance in this capability is illustrated by a network connectivity check prior to activating the function. This preemptive measure mitigates latency issues that could hinder performance, offering users confidence while the vehicle operates autonomously.

Deployment: Timeline for Australian Availability?

The 2024.27.20 update is progressively being rolled out to Tesla vehicles equipped with Hardware 4 (HW4) worldwide. Although the update is anticipated to eventually reach Hardware 3 (HW3) vehicles, its availability in Australia is still uncertain. Given that it depends on Full Self-Driving (FSD) technology, which faces stringent regulatory review in Australia, A.S.S may not be accessible here until after the year’s end.

This postponement could be attributed to various conditions, including Australia’s rigorous road safety regulations and the necessity for further testing to ensure compliance with local laws. However, there is optimism that Tesla will expedite the enhancement’s arrival on Australian roads.

Future Features: What is Coming from Tesla?

Tesla’s release notes for the 2024.27.20 update also suggest exciting features on the way. One anticipated addition is the integration of HomeLink & myQ garage systems, allowing the vehicle to autonomously open a garage door, exit, and then close it afterward. This would be particularly beneficial for owners wishing to summon their Tesla from a garage without manual effort.

Another eagerly awaited improvement is the removal of the continuous press requirement. Currently, users must keep their finger on the on-screen button to maintain A.S.S’s activation, which can be inconvenient for prolonged tasks. Tesla intends to eliminate this necessity, possibly incorporating a pause feature to enhance user friendliness.

Lastly, Tesla is working on extending the distance from which you can summon your vehicle, making this feature more practical for users who wish to avoid long walks, especially those with injuries or disabilities.

Conclusion

Tesla’s 2024.27.20 update marks a pivotal moment in the advancement of autonomous vehicle technology, particularly in refining the Smart Summon feature. The launch of Actual Smart Summon (A.S.S) signifies a prominent improvement, utilizing end-to-end neural networks to navigate complex spaces more adeptly. Though the rollout in Australia might face delays, the outlook appears promising for Tesla owners, with additional features like HomeLink & myQ garage integrations, usage without continuous pressing, and increased range capabilities on the horizon.

Q&A

Q: What is Actual Smart Summon (A.S.S)?

A:

Actual Smart Summon (A.S.S) is an advanced version of Tesla’s original Smart Summon feature. It incorporates a sophisticated end-to-end neural network for navigating complicated environments such as parking lots, understanding road signs, and adhering to legal routes, providing a more sophisticated and human-like driving experience.

Q: When will Actual Smart Summon be accessible in Australia?

A:

The timeline for Actual Smart Summon in Australia remains uncertain. Due to its reliance on Full Self-Driving (FSD) software and the stringent regulatory framework in Australia, it may not be available before the year’s end, although this status may evolve.

Q: What features can we expect for Actual Smart Summon in the future?

A:

Tesla is planning to roll out several new features, including HomeLink & myQ garage integrations, the ability to operate without continuous pressing, and extended summoning range for greater convenience.

Q: How do I utilize Actual Smart Summon?

A:

To engage Actual Smart Summon, launch the Tesla app on your mobile device, select the Summon tab, and choose either “Come to Me” or “Go to Target.” You can view your car’s live journey through the camera feeds and halt the vehicle by lifting your finger off the touchscreen.

APRA Seeks a Replacement for Chief Information Security Officer


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APRA on the Quest for a New Chief Information Security Officer

APRA looks for new CISO to strengthen cybersecurity

Brief Overview

  • APRA is in the active pursuit of a new Chief Information Security Officer (CISO) to enhance its cybersecurity framework.
  • This CISO will oversee both strategic initiatives and ongoing security operations.
  • The move follows a significant $130 million funding increase for cybersecurity projects, shared with ASIC.
  • The previous CISO, Mikhail Lopushanski, exited APRA in May 2022 to take a position at Heritage Bank.
  • The incoming CISO will collaborate closely with APRA’s CIO and Chief Data Officer.
  • Key collaborators for this role will include the Australian Cyber Security Centre, the Department of Home Affairs, ASIC, and the Reserve Bank of Australia.

Background Information

The Australian Prudential Regulation Authority (APRA) has recently begun the search for a new Chief Information Security Officer (CISO). This essential position will be central to managing and strengthening cybersecurity practices at the regulatory body, addressing both strategic and operational objectives. This initiative highlights the growing significance of cybersecurity within the financial sector, especially as cyber threats evolve and increase in frequency.

APRA’s Cybersecurity Evolution

APRA, together with the Australian Securities and Investments Commission (ASIC), has recently secured around $130 million in funding to enhance its cybersecurity capacities over the next four years. This financial commitment reflects the increasing demand for strong cybersecurity systems within Australia’s financial regulatory environment.

Notably, this recruitment marks the first time APRA has sought a C-level security leader since May 2022, when the former Chief Security Officer (CSO) Mikhail Lopushanski moved on to Heritage Bank. During Lopushanski’s time, the CSO role was part of APRA’s organizational structure, but it has since been missing from recent organizational layouts. This absence raises concerns regarding the leadership and management of cybersecurity efforts during the interim.

Position and Duties

The new CISO will hold substantial responsibilities, including improving security governance, information security protocols, and staff vetting processes. This role also encompasses the monitoring and response to cybersecurity threats and incidents through APRA’s Security Operations Centre.

The CISO will collaborate closely with APRA’s Chief Information Officer (CIO) Rogier Roelofs and Chief Data Officer (CDO) Andy Robertson. The job listing specifies that the role requires “significant leadership capability to connect and collaborate with key stakeholders, driving transformational change and enhancing team and external capabilities.” These stakeholders include leading agencies such as the Australian Cyber Security Centre, the Department of Home Affairs, ASIC, and the Reserve Bank of Australia.

Importance of This Development

Cybersecurity remains a vital concern for financial regulators like APRA, given the sensitive data they manage. The recent $130 million funding indicates the Australian government’s dedication to protecting the financial sector from cyber threats. As cyberattacks grow more prevalent and complex, the role of the CISO will be essential in ensuring APRA’s defenses against potential breaches.

Additionally, the new CISO is expected to be instrumental in influencing the future of Australia’s cybersecurity environment. By working in tandem with various government agencies and financial institutions, the CISO will contribute to the establishment of best practices and protocols that may impact the broader industry.

Conclusion

APRA is actively in search of a new Chief Information Security Officer to oversee its cybersecurity strategies and processes. This initiative follows a significant $130 million investment into cybersecurity by APRA and ASIC, highlighting the increasing importance of effective cybersecurity measures in Australia’s financial ecosystem. The CISO will work alongside key stakeholders, including government entities, to maintain APRA’s resilience against cyber threats.

Q: Why is APRA looking for a new CISO at this time?

A: APRA is seeking a new CISO to strengthen its cybersecurity framework following a $130 million investment in cybersecurity projects. This decision also comes after a period without a C-level security leader since May 2022.

Q: What will be the new CISO’s responsibilities?

A: The new CISO will be charged with upholding and advancing APRA’s cybersecurity policies on both strategic and operational levels. This encompasses security governance, information protection, staff vetting processes, and monitoring/responding to security threats.

Q: With whom will the CISO collaborate?

A: The CISO will coordinate closely with APRA’s CIO Rogier Roelofs and Chief Data Officer Andy Robertson. Additionally, they will engage with key stakeholders such as the Australian Cyber Security Centre, the Department of Home Affairs, ASIC, and the Reserve Bank of Australia.

Q: What is the significance of the $130 million funding?

A: The $130 million funding obtained by APRA and ASIC represents a significant investment intended to strengthen cybersecurity capabilities over the next four years. This financial support emphasizes the critical role of cybersecurity in the financial sector and the government’s commitment to protecting it from evolving cyber threats.

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APRA Searching for a New Chief Information Security Officer


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APRA Seeks New Chief Information Security Officer

APRA seeks new CISO

Brief Overview:

  • The Australian Prudential Regulation Authority (APRA) is on the hunt for a new Chief Information Security Officer (CISO).
  • This recruitment comes after a $130 million commitment to enhancing cyber security, in collaboration with ASIC.
  • The CISO will spearhead APRA’s initiatives in cyber security from both strategic and operational perspectives.
  • This position requires exceptional leadership, teamwork with essential stakeholders, and extensive experience in security governance.
  • Important stakeholders encompass the Australian Cyber Security Centre, the Department of Home Affairs, ASIC, and the Reserve Bank of Australia.
  • The incoming CISO will oversee threat monitoring and responses via APRA’s security operations centre.

APRA’s Tactical Move in Cyber Security

The Australian Prudential Regulation Authority (APRA) is actively searching for a new Chief Information Security Officer (CISO) to strengthen its cyber security framework. This initiative forms part of a comprehensive strategy to enhance security across the agency, following a significant $130 million allocation for cyber security upgrades over the forthcoming four years. This funding, secured jointly with the Australian Securities and Investments Commission (ASIC), highlights the critical need for a robust cyber security infrastructure to protect Australia’s financial system.

Fulfilling a Vital Role in Cyber Security

The CISO position at APRA has been unfilled since May 2022, when the former Chief Security Officer (CSO) Mikhail Lopushanski departed to join Heritage Bank. Since that time, the role has not appeared in APRA’s organizational charts, indicating a transitional phase within the agency’s security leadership. The new CISO will be tasked with navigating this environment, collaborating closely with APRA’s Chief Information Officer (CIO) Rogier Roelofs and Chief Data Officer (CDO) Andy Robertson.

The CISO’s Duties

As outlined in the job announcement, the CISO will be responsible for overseeing APRA’s security efforts at both strategic and operational levels. Responsibilities encompass security governance, information security management, and personnel vetting processes. The CISO will also manage APRA’s security operations centre, which is responsible for the monitoring and handling of security threats and incidents. This role necessitates substantial leadership capabilities, especially in establishing connections and partnerships with critical stakeholders while fostering transformational change and building competencies within the team and beyond.

Engaging with Key Stakeholders

The CISO will not operate independently, but will engage with several essential stakeholders, including the Australian Cyber Security Centre, the Department of Home Affairs, ASIC, and the Reserve Bank of Australia. This collaboration is vital for ensuring a cohesive approach to cyber security throughout Australia’s financial regulatory ecosystem. The new CISO’s skill in effectively interacting with these stakeholders will be essential for advancing APRA’s cyber security priorities.

Conclusion

APRA’s pursuit of a new CISO underscores the growing significance of cyber security within Australia’s financial regulatory framework. With a $130 million commitment to security improvements and a strategic emphasis on partnerships with key stakeholders, the new CISO will be instrumental in safeguarding the integrity of Australia’s financial system. The ideal candidate will need to demonstrate strong leadership, strategic foresight, and the ability to navigate a complex regulatory landscape.

Q: Why is APRA hiring a new CISO?

A:

APRA is recruiting a new CISO to address a critical vacancy in its leadership and to advance its cyber security strategy after a $130 million investment in security improvements. This role is vital for sustaining and enhancing APRA’s security stance at both strategic and operational levels.

Q: What are the key responsibilities of the new CISO?

A:

The new CISO will oversee security governance, information security, personnel vetting, and the management of APRA’s security operations centre. They will also engage with key stakeholders, drive transformational changes, and develop necessary capabilities within the team.

Q: Who are the key stakeholders the CISO will collaborate with?

A:

The CISO will closely collaborate with the Australian Cyber Security Centre, the Department of Home Affairs, ASIC, and the Reserve Bank of Australia. Working with these entities is essential for a cohesive approach to cyber security in Australia’s financial regulatory landscape.

Q: How does this hiring decision align with APRA’s broader strategy?

A:

This hiring decision is part of APRA’s comprehensive strategy to strengthen its cyber security capabilities, especially following a substantial investment in this area. The CISO will play a pivotal role in executing this strategy and ensuring that APRA’s security protocols are robust and effective.

HP continues its pursuit of a AU$6.3 billion lawsuit against Mike Lynch.


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HP Presses On with AU$6.3 Billion Lawsuit Against Mike Lynch’s Estate

HP to proceed with AU$6.3 billion lawsuit against Mike Lynch's estate

Summary

  • HP is actively pursuing a substantial AU$6.3 billion lawsuit against Mike Lynch’s estate.
  • The legal action arises from HP’s purchase of the UK-based tech company Autonomy in 2011.
  • HP claims Lynch orchestrated fraudulent activities to inflate Autonomy’s worth, resulting in one of the UK’s largest tech transactions.
  • After Lynch’s passing in a yacht accident in August 2023, his estate has become the primary target.
  • A High Court ruling in 2022 determined that HP’s damages would be below the originally sought US$5 billion.
  • Lynch’s family has yet to make any statements regarding the ongoing legal situation.

HP’s AU$6.3 Billion Lawsuit: Background

HP’s ongoing legal struggle against the estate of Mike Lynch, the deceased British tech entrepreneur and co-founder of Autonomy, is gearing up to proceed. This lawsuit, seeking around AU$6.3 billion (US$4 billion) in compensation, is rooted in claims that Lynch committed fraud to exaggerate Autonomy’s value prior to its acquisition by HP in 2011.

Genesis of the Conflict

In 2011, HP purchased Autonomy for US$11.1 billion, a landmark transaction in the UK technology sector. Yet, just a year later, HP alleged it uncovered considerable accounting discrepancies within Autonomy, leading to a major writedown and fraud allegations. The accusation involved Lynch and Autonomy’s previous CFO, Sushovan Hussain, inflating the company’s worth through misleading practices.

HP’s Legal Endeavor

Initially, HP sought damages up to US$5 billion, but a UK High Court judge in 2022 ruled in HP’s favor, albeit with the stipulation that the damages awarded would be less than initially requested. This decision hasn’t dissuaded HP, which is resolved to see the case through to resolution.

Lynch’s Death’s Consequences

The unexpected passing of Mike Lynch in August 2023, following a boating accident off Sicily, has added complexity to the case. Despite his death, HP has indicated its commitment to pursue the lawsuit, now directed at Lynch’s estate for the alleged deception. Lynch consistently denied any misconduct, maintaining his innocence until his tragic death.

Family’s Reaction

In the wake of Lynch’s death and the ongoing legal dispute, his family has remained mostly reticent. When approached by the media, a family spokesperson opted not to comment. As proceedings continue, the involvement of Lynch’s estate raises significant questions regarding his business legacy and the enduring legal consequences.

Wider Repercussions

The HP-Autonomy saga transcends mere legal questions; it serves as a warning regarding tech acquisitions and the potential hazards stemming from complicated mergers and acquisitions. Legal authorities, industry analysts, and tech insiders are closely observing the situation as it unfolds.

Insights for Future Mergers and Acquisitions

This ongoing litigation underscores the critical need for comprehensive due diligence and transparent financial reporting in major acquisitions. Firms intending to acquire tech businesses, particularly those with intricate financial setups, may need to re-evaluate their assessment strategies to prevent similar issues.

Conclusion

HP’s legal action against Mike Lynch’s estate continues to evolve, with the tech company pursuing AU$6.3 billion in damages linked to alleged fraudulent activities surrounding its 2011 Autonomy acquisition. Even after winning a civil case in 2022, HP remains determined to resolve the matter, continuing its pursuit despite Lynch’s demise. This evolving legal confrontation highlights the intricacies and risks involved in significant tech acquisitions and is likely to serve as an important reference point for forthcoming corporate transactions.

Q: What grounds does HP’s lawsuit against Mike Lynch’s estate rest upon?

A: HP claims that Mike Lynch, co-founder of Autonomy, engaged in fraudulent activities that artificially raised the company’s value before its acquisition by HP in 2011, seeking AU$6.3 billion in damages in light of these alleged actions.

Q: What was HP’s initial damages request, and what was the result?

A: HP originally sought damages of up to US$5 billion. A UK High Court judge ruled in 2022 that while HP had a legitimate claim, the damages would be lower than initially requested.

Q: How does Mike Lynch’s death affect the legal case?

A: The death of Mike Lynch in August 2023 has redirected the litigation towards his estate. Despite his passing, HP has affirmed its intention to keep pursuing the lawsuit until its conclusion.

Q: What wider implications does this lawsuit hold for other tech companies?

A: The lawsuit acts as a warning for tech companies, emphasizing the necessity of due diligence and clear accounting in mergers and acquisitions, while also spotlighting the legal complexities that can arise from such transactions.

Q: Has there been any response from Lynch’s family concerning the ongoing lawsuit?

A: Lynch’s family has not publicly addressed the ongoing legal battle, with a spokesperson choosing not to comment when approached by journalists.

Q: Why is this case noteworthy within the tech sector?

A: The HP-Autonomy case stands out due to its involvement in one of the largest tech deals in UK history, illustrating the potential risks and challenges that can emerge from substantial acquisitions. It remains a focal point for industry observers and legal professionals alike.

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Australians Favor Safe and Recognizable Choices for Online Transactions: Worldpay Report


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The Surge of Secure and Recognizable Payment Options Among Australians

Safety and familiarity influence Australian online payments – Worldpay

Consumers in Australia are increasingly emphasizing security and familiarity regarding online payments. A recent Worldpay report indicates that Australians are more vigilant than many other consumers worldwide when making online purchases, demonstrating a strong preference for established payment brands and methods. This inclination is shaping how businesses formulate their payment strategies to align with customer expectations and avoid missing potential revenue.

Quick Summary:

  • Aussies prefer secure and familiar payment methods rather than newer alternatives such as digital currencies.
  • Almost 25% of Australians would abandon a purchase if their preferred payment option is not available.
  • Debit cards, digital wallets, and Buy Now Pay Later services are gaining popularity in Australia.
  • Usage of mobile wallets is anticipated to grow significantly in Australia over the next three years.
  • Strong fraud protection is essential for enhancing payment authorization rates and minimizing chargebacks.

Payment Choices in Australia: Security and Familiarity Take Precedence

In Australia, the focus on secure and known payment methods is more significant than in numerous other nations. While digital wallets and Buy Now Pay Later (BNPL) options are becoming more prominent, Australians remain wary of newer payment technologies, such as cryptocurrencies. Only 35% of Australians are open to using digital currencies, compared to a global average of 50%. This cautious stance underscores the necessity for businesses to offer a variety of payment alternatives that cater to consumer preferences.

Effects on Business Revenue

One of the primary insights from Worldpay’s Payments Performance Report indicates that almost a quarter of Australian consumers will forgo their purchase if their preferred payment method is unavailable. This behavior can result in considerable revenue loss for businesses that do not provide a comprehensive range of payment options. Globally, 96% of consumers are more inclined to complete a purchase if they can use their preferred currency, and 95% are more likely to do so if their desired payment method is available. The stakes are high for Australian businesses to get it right.

Rising Digital Wallets and Mobile Payments

Digital wallets are gaining traction among Australian consumers, although their adoption still lags compared to other countries. However, this trend is expected to change swiftly over the next three years, with significant growth projected in mobile wallet usage. The rise in mobile wallet adoption coincides with the broader global shift toward more convenient and secure digital payment options.

Buy Now Pay Later: A Favoured Option in Australia

There has been a marked increase in the uptake of Buy Now Pay Later (BNPL) services in Australia. These options enable consumers to divide payments into installments, making them a popular choice. This trend reflects a growing consumer desire for flexible payment solutions that deliver both convenience and security. BNPL services are especially favored by younger Australians, who are more likely to seek flexible payment arrangements.

Fraud Protection: An Essential Element

For Australian consumers, security is a top priority during online transactions, with 77% feeling more secure when they notice recognizable security symbols and brands. In contrast, only 61% of global consumers share this sentiment. This increased focus on security necessitates robust fraud protection measures that provide not only peace of mind for consumers but also assist businesses in enhancing payment authorization rates and decreasing chargebacks.

Chargebacks: A Common Challenge

Chargebacks remain a significant concern in Australia, with primary reasons including incorrect charges, unrecognized transactions, and non-receipt of goods or services. Tackling these issues through enhanced fraud protection and clear communication can aid businesses in lowering chargeback occurrences, thereby boosting customer satisfaction and retention.

Conclusion

As online shopping becomes ever more prevalent in Australia, the focus on secure and familiar payment options is crucial. Businesses that meet these preferences by providing a range of payment methods, strong fraud protection, and smooth payment processes are more likely to thrive in today’s competitive landscape. With the anticipated rise of digital wallets and mobile payment options, understanding and adapting to consumer trends will be essential for maximizing revenue opportunities.

FAQ

Q: Why do Australians favour secure and familiar payment methods?

A:

Australians tend to be more careful when shopping online, prioritizing security and familiarity. This preference arises from a desire to mitigate risks associated with modern, less-tested technologies like digital currencies.

Q: How can businesses avoid revenue loss due to unavailable payment methods?

A:

By providing a diverse array of payment options, including popular choices like debit cards, digital wallets, and Buy Now Pay Later services, businesses can reduce the risk of revenue decline. Ensuring customers have access to their preferred payment methods will lower the chances of abandoned purchases.

Q: What does the future hold for mobile wallets in Australia?

A:

Mobile wallets are expected to see considerable growth in Australia over the next three years. As consumers grow increasingly comfortable with digital payments, businesses should get ready for an uptick in mobile wallet usage by incorporating these options into their payment systems.

Q: How significant is fraud protection for Australian consumers?

A:

Fraud protection holds immense importance for Australian consumers, with 77% feeling more secure when they encounter recognizable security features and brands during online transactions. Implementing comprehensive fraud protection initiatives can aid businesses in increasing payment authorization rates and decreasing chargebacks.