Securing the Participation of Safety-Critical SCADA Systems in the Industrial Internet of Things

In the past, industrial control systems were ‘air gapped’ and isolated from more conventional networks. They used specialist protocols, such as Modbus, that are very different from TCP/IP. Individual devices used proprietary operating systems rather than the more familiar Linux or Windows. However, things are changing. There is a move for greater connectivity – for instance so that higher-level enterprise management systems can exchange information that helps optimise production processes. At the same time, industrial systems have been influenced by concepts from the Internet of Things; where the information derived from sensors and actuators in domestic and industrial components can be addressed through network interfaces. This paper identifies a range of cyber security and safety concerns that arise from these developments. The closing sections introduce potential solutions and identify areas for future research

Financial system inquiry: final report

Executive summary This report responds to the objective in the Inquiry’s Terms of Reference to best position Australia’s financial system to meet Australia’s evolving needs and support economic growth. It offers a blueprint for an efficient and resilient financial system over the next 10 to 20 years, characterised by the fair treatment of users.   The Inquiry has made 44 recommendations relating to the Australian financial system. These recommendations reflect the Inquiry’s judgement and are based on evidence received by the Inquiry. The Inquiry’s test has been one of public interest: the interests of individuals, businesses, the economy, taxpayers and Government.   Australia’s financial system has performed well since the Wallis Inquiry and has many strong characteristics. It also has a number of weaknesses: taxation and regulatory settings distort the flow of funding to the real economy; it remains susceptible to financial shocks; superannuation is not delivering retirement incomes efficiently; unfair consumer outcomes remain prevalent; and policy settings do not focus on the benefits of competition and innovation. As a result, the system is prone to calls for more regulation.   To put these issues in context, the Overview first deals with the characteristics of Australia’s economy. It then describes the characteristics of and prerequisites for a well-functioning financial system and the Inquiry’s philosophy of financial regulation.   The Inquiry focuses on seven themes in this report (summarised in Guide to the Financial System Inquiry Final Report).   The Overview deals with the general themes of funding the Australian economy and competition.   The Inquiry has also made recommendations on five specific themes, which comprise the next chapters of this report: Strengthen the economy by making the financial system more resilient. Lift the value of the superannuation system and retirement incomes. Drive economic growth and productivity through settings that promote innovation. Enhance confidence and trust by creating an environment in which financial firms treat customers fairly. Enhance regulator independence and accountability and minimise the need for future regulation. These recommendations seek to improve efficiency, resilience and fair treatment in the Australian financial system, allowing it to achieve its potential in supporting economic growth and enhancing standards of living for current and future generations.   Financial system inquiry committee   Mr David Murray AO (Chair) Mr David Murray AO (Sydney) was most recently the inaugural Chairman of the Australian Government’s Future Fund Board of Guardians between 2006 and 2012. Mr Murray was previously the Chief Executive Officer of the Commonwealth Bank of Australia between 1992 and 2005. In this time, Mr. Murray oversaw the transformation of the Commonwealth Bank from a partly privatised bank to an integrated financial services company. In 2001, he was awarded the Centenary Medal for service to Australian society in banking and corporate governance, and in 2007 he was made an Officer of the Order of Australia for his service to the finance sector, both domestically and globally, and service to the community.   Professor Kevin Davis Professor Kevin Davis (Melbourne) is currently a Professor of Finance at the University of Melbourne, Research Director at the Australian Centre for Financial Studies and a Professor of Finance at Monash University. Professor Davis is also a part-time member of the Australian Competition Tribunal and Co-Chair of the Australia–New Zealand Shadow Financial Regulatory Committee.   Mr Craig Dunn Mr Craig Dunn (Sydney) was most recently Chief Executive Officer and Managing Director of AMP. Mr Dunn led AMP through the global financial crisis and has extensive experience in the financial sector. He was a member of the Australian Government\u27s Financial Sector Advisory Council and the Australian Financial Centre Forum, and an executive member of the Australia Japan Business Co-operation Committee. Mr Dunn is a director of the Australian Government’s Financial Literacy Board.   Ms Carolyn Hewson AO Ms Carolyn Hewson AO (Adelaide) served as an investment banker at Schroders Australia for 15 years. Ms Hewson has over 30 years’ experience in the finance sector and currently serves on the boards of BHP Billiton Ltd and Stockland. Ms Hewson was made an Officer of the Order of Australia for her services to the YWCA and to business. Ms Hewson has served on both the boards of Westpac and AMP and retired from the board of BT Investment Management Ltd and as the Chair of the Westpac Foundation upon her appointment to the Financial System Inquiry Committee.   Dr Brian McNamee AO Dr Brian McNamee AO (Melbourne) served as the Chief Executive Officer and Managing Director of CSL Limited from 1990 to 30 June 2013. During that time, CSL transitioned from a Government-owned enterprise to a global company with a market capitalisation of approximately $30 billion. He has extensive experience in the biotech and global healthcare industries. Dr McNamee was made an Officer of the Order of Australia for his service to business and commerce. &nbsp

The Global Risks Report 2016, 11th Edition

Now in its 11th edition, The Global Risks Report 2016 draws attention to ways that global risks could evolve and interact in the next decade. The year 2016 marks a forceful departure from past findings, as the risks about which the Report has been warning over the past decade are starting to manifest themselves in new, sometimes unexpected ways and harm people, institutions and economies. Warming climate is likely to raise this year's temperature to 1° Celsius above the pre-industrial era, 60 million people, equivalent to the world's 24th largest country and largest number in recent history, are forcibly displaced, and crimes in cyberspace cost the global economy an estimated US$445 billion, higher than many economies' national incomes. In this context, the Reportcalls for action to build resilience – the "resilience imperative" – and identifies practical examples of how it could be done.The Report also steps back and explores how emerging global risks and major trends, such as climate change, the rise of cyber dependence and income and wealth disparity are impacting already-strained societies by highlighting three clusters of risks as Risks in Focus. As resilience building is helped by the ability to analyse global risks from the perspective of specific stakeholders, the Report also analyses the significance of global risks to the business community at a regional and country-level

Does the NIS implementation strategy effectively address cyber security risks in the UK?

This research explored how cyber security risks are managed across UK Critical National Infrastructure (CNI) sectors following implementation of the 2018 Networks and Information Security (NIS) legislation. Being in its infancy, there has been limited study into the effectiveness of this national framework for cyber risk management. The analysis of data gathered through interviews with key stakeholders against the NIS objectives indicated a collaborative implementation approach to improve cyber-risk management capabilities in CNI sectors. However, more work is required to bridge the gaps in the NIS framework to ensure holistic security across cyber spaces as well as non-cyber elements: cyber-physical security, cross-sector CNI service security measures, outcome-based regulatory assessments and risks due to connected smart technology implementations alongside legacy systems. This paper proposes ten key recommendations to counter the danger of not meeting the NIS key strategic objectives. In particular, it recommends that the approach to NIS implementation needs further alignment with its objectives, such as bringing a step-change in the cyber-security risk management capabilities of the CNI sectors

Zero Trust for Cyber Resilience

The increased connectivity and potential insider threats make traditional network defense vulnerable. Instead of assuming that everything behind the security perimeter is safe, the zero-trust security model verifies every incoming request before granting access. This chapter draws attention to the cyber resilience within the zero-trust model. We introduce the evolution from traditional perimeter-based security to zero trust and discuss their difference. Two key elements of the zero-trust engine are trust evaluation (TE) and policy engine (PE). We introduce the design of the two components and discuss how their interplay would contribute to cyber resilience. Dynamic game theory and learning are applied as quantitative approaches to achieve automated zero-trust cyber resilience. Several case studies and implementations are introduced to illustrate the benefits of such a security model

Resilience of Democracy and European Elections against New Challenges

This study identifies new challenges to democratic resilience and electoral processes, systematically mapping the EU responses to counter them. The study focuses both on external and internal challenges and assesses the responses of the Union particularly in the run-up to the 2024 European Parliament elections. It also provides specific policy recommendations to further enhance the protection of democracy in the Union