From Australia: The latest in tech and innovation
In recent news, the banking industry accelerates the digital arms race, Australian Government is urged to adopt global cybersecurity standards, and local researchers have made a breakthrough in quantum technology.
NAB to buy out neobank 86 400
National Australia Bank (NAB) is set to acquire neobank 86 400 for $220 million as part of its plan to aggressively expand its digital offshoot, UBank. NAB chief operating officer Les Matheson said the acquisition will fast-track UBank’s growth and falls in line with the bank’s long-term strategy to develop a leading digital bank.
CommBank accelerates multi-billion-dollar tech strategy, open banking push
Matt Comyn, Commonwealth Bank Australia’s CEO, is doubling down on his multibillion-dollar technology focus after announcing a plan to place the nation’s largest retail bank among the global leaders of digital experiences. The digital overhaul, which includes the simplification of AI architecture, is costing the bank roughly $1 billion a year.
Aussie governments urged to adopt global cyber security standards for cloud
A NSW Government-sponsored taskforce of industry leaders recently called on federal, state, and local governments to adopt internationally recognised cybersecurity standards for cloud services. The taskforce pressed for governments to treat companies that meet these standards more favourably.
Human error driving increased data breaches in Australia
Data breach notifications have again risen under Australia’s mandatory reporting scheme, with The Office of the Australian Information Officer receiving 539 notifications in the second half of 2020—an increase of 5% on the previous six months. The latest Notifiable Data Breaches Report revealed human error to be a major contributor to data breaches.
Australian invention will see ‘transformational’ scaling up of quantum computers, experts say
A team of engineers and scientists from the University of Sydney and Microsoft has solved a fundamental problem impacting progress in the quantum computing space. Experts have hailed this as “the first decent pick and shovel” in the “gold rush” to develop large quantum computers.