Excerpts of Former Australian Prime Minister Malcolm Turnbull and
Kasada Founder Sam Crowther’s Interview with Australian Financial Review
Full article: “Turnbull invests in Kasada, joins board” can be sourced here
Mr Turnbull told The Australian Financial Review that signals intelligence in the cyber security space was the most challenging single area of national security, due to fast-changing threats and the need for businesses to meet the highest standards in order to keep government supply chains secure.
‘‘We are seeing unprecedented scale and rate of compromise,
as tactics used by malicious actors become more
sophisticated,” he said. ‘‘Cyber security is more important
than ever, and Kasada is making a very big contribution to
Mr Turnbull’s comments came as it emerged that an updated national cyber security policy would require companies to invest to get their cyber defences up to a prescribed standard, and that the government would increase federal funding for cyber security.
Kasada has developed software to detect attacks by
automated bots. Mr Turnbull said its technology could help
defend websites from the escalating attacks that have hit
‘‘Being able to detect and repel automated-access bots is of critical importance, and you can see how valuable it would be in the context of this recent attack Morrison is talking about,” he said. ‘‘Attacks of this kind can only be operationalised in an automated way, so if you can repel automated access, it provides protection you would not otherwise have.”
Cybercrime costs Australian businesses and individuals $29 billion a year, Kasada’s research has found. But it says 90 percent of Australia’s top 250 websites failed to prevent an automation tool from submitting credentials.
The most prevalent and damaging cyber attacks are those that exploit stolen user credentials to access accounts.
Mr Turnbull’s investment in Kasada, which is expanding into the United States, has been made alongside leading US cyber investor Ten Eleven Ventures, which has an investment alliance with private equity giant KKR, where Mr Turnbull is a senior adviser.
Another investor in Kasada is In-Q-Tel, which was created as a venture capital fund for the US Central Intelligence Agency and is working with the Office of National Intelligence to support a partnership between the intelligence agencies of the US, Britain and Australia.
Mr Turnbull said government and business must work together to ensure the highest standards of protection.
Kasada founder Sam Crowther said Mr Morrison’s warning
last week should be a wake-up call for business and
legislating for a mandated level of preparedness was
inevitable, albeit challenging.
‘‘Many Australian organisations are well prepared, and they would go well beyond any minimum standards,” Mr Crowther said. ‘‘The vast majority, however, are under-prepared and they need to address their security positions quickly.”
The updated cyber security strategy is expected to lift spending.
‘‘The culture of innovation and desire for investment in Australian technology is really at its highest level it has ever been,” Mr Turnbull said.
Mr Crowther said that as Kasada looks to expand abroad, leaders in many governments and global businesses know Mr Turnbull initiated Australia’s cyber security strategy.
‘‘Having a former prime minister backing Kasada is a
major endorsement of who we are and what we do.”