Ports in several Australian cities have been shut down due to a massive cyber attack, triggering concerns about shortages of key supplies amid the festive season for several days ahead.
A “serious and ongoing” cybersecurity incident hit port operator DP World Australia, which controls 18 ports in the country through terminals in Sydney, Melbourne, Brisbane and Fremantle.
The port operator said late on Sunday it was in talks with rival operators to get freight moving at the ports while it worked to restore its operations, reports The Sydney Morning Herald.
AMP chief economist Shane Oliver was quoted as saying that a lengthy disruption to UAE-owned DP World’s operations “could ripple through the broader economy and help trigger another interest rate rise.”
“It goes to the nature of the supply shock here, and this could have an impact on the prices, and inflation rate, of goods, which has been coming down. If this stops that, or it pushes up prices, then the Reserve Bank could be looking at it at their December meeting,” he was quoted as saying.
Major Australian ports are expected to remain closed, following a 'cyber security incident'.
However, online shoppers are likely to escape the worst as most of them use air freight for delivery.
The Australian Federal Police confirmed it was investigating the incident, which cyber experts believe to be a ransomware attack.
Home Affairs and cybersecurity minister Clare O’Neil described the hack as serious and ongoing.
“This incident is a reminder of the serious risk that cyberattacks pose to our country, and to vital infrastructure we all rely on,” she said.
According to cybersecurity researcher Troy Hunt, disruptions to Australian consumers could last weeks and affect Christmas deliveries.
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
How Warren Buffett Privately Traded in Stocks That Berkshire Hathaway Was Buying and Selling
Ellis Simani (ProPublica)
13 November 2023
This story was originally published by ProPublica.
It was the kind of endorsement most companies dream of. Berkshire Hathaway CEO Warren Buffett, the legendary investor known as the Oracle of Omaha, repeatedly sang the...
US oil giant Chevron to buy Hess Corp for US$53bn
23 October 2023
American oil giant Chevron Corporation announced on Monday that it has entered into a definitive agreement with Hess Corporation to acquire all of the outstanding shares of Hess in an all-stock transaction valued at $53 billion.
Sequoia Capital faces US Congressional scrutiny over investments in China
19 October 2023
A US Congressional panel has announced a bipartisan scrutiny into top investment firm Sequoia Capital’s investments in China.
The Select Committee on the Chinese Communist Party (CCP), led by Mike Gallagher (R-WI) which...
Inside Story of How Leonard Leo Built a Machine That Remade the American Legal System
Andy Kroll, Andrea Bernstein
Ilya Marritz (ProPublica)
12 October 2023
The party guests who arrived on the evening of 23 June 2022, at the Tudor-style mansion on the coast of Maine were a special group in a special place enjoying a special time. The attendees included some two dozen federal and state...