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Why big business should take heed of the Qantas "supply chain" cyber attack

Why big business should take heed of the Qantas "supply chain" cyber attack

Tony Jarvis from cyber prevention firm Darktrace explains the likely value of Qantas' stolen customer records, why the actor behind the attack could be the Scattered Spider Ransomware gang, and why big business should take more interest in the cyber security of supply chain partners.
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Alleged childcare pedophile Joshua Brown's resume, old jobs at dojo and dance studio revealed
Alleged childcare pedophile Joshua Brown's resume, old jobs at dojo and dance studio revealed

News.com.au

time34 minutes ago

  • News.com.au

Alleged childcare pedophile Joshua Brown's resume, old jobs at dojo and dance studio revealed

Alleged Melbourne childcare pedophile Joshua Brown has worked at a dance studio and karate centre, according to his resume. A Current Affair on Friday reported Mr Brown, 26, previously worked as an 'instructor' at Shindo Karate in Hoppers Crossing from 2013 to 2017, with his resume – exclusively obtained by the network – detailing he taught children during his time there. However, a spokesman for Melbourne's Shindo Karate association told NewsWire that Mr Brown was a student, never an instructor, and never would have been among children without parents and an actual instructor nearby. 'He never played a role in instruction, instructing the kids,' the spokesman said. 'And at no point whatsoever was he ever under lack of supervision; he was a student and there's always been accredited instructors, i.e. police officers, that work in the environment.' 'At no point was he ever left alone with children. At no point (have) children or parents come to us with any concerns.' On the resume, Mr Brown said he has done admin work at youth dance centre Dance Network in Melbourne's southwest since 2019. NewsWire has contacted the centre for comment, and is not suggesting Mr Brown has been accused of wrongdoing while employed at either the dance centre or the dojo. Mr Brown, 26, has been charged with 70 child sex offences after he allegedly abused eight children at a Point Cook childcare centre in southwest Melbourne. It is alleged some children were as young as five months. Parents and caregivers of 1200 children have been directed to get their kids tested for sexually transmitted infections. Police announced the charges on Tuesday, saying they were investigating Mr Brown's employment at 20 Melbourne childcare centres. They also took the unusual step of applying for Mr Brown's name suppression to be lifted, to inform families with children at the affected centres to get their young ones tested. Revelations about Mr Brown's alleged offending, and the number of childcare centres he worked at, have sparked an immediate response from politicians, despite years-old calls for national reform to working with children checks. Federal Education Minister Jason Clare said when parliament resumed this month, new laws would be introduced to allow fraud investigators to conduct random, unannounced visits at childcare centres without a warrant, and without the need to be accompanied by police. Separate laws would also allow the federal government, which currently provides $16bn of annual funding to centres, to scrap payments to places which do not meet standards. State and federal education ministers will meet to discuss how CCTV cameras can be best used to monitor childcare centres, and the national attorney-generals will work out better information sharing regimes when they meet in August. Many of these reforms were recommended by the 2015 Royal Commission into Institutionalised Responses to Child Sexual Abuse.

Criterion: Buy, hold or sell CBA? Investors face their NFY resolution
Criterion: Buy, hold or sell CBA? Investors face their NFY resolution

News.com.au

time2 hours ago

  • News.com.au

Criterion: Buy, hold or sell CBA? Investors face their NFY resolution

The CBA clearly is overvalued on conventional metrics, but selling is not as simple as that 'Expensive' stocks can remain so for months – or even years The CBA's worthy peers could be cheaper alternatives Happy New Financial Year (NFY) – a time of quiet reflection on the next fiscal stanza between scrambling for receipts to justify Netflix as a tax deduction. As part of their soul searching, investors may resolve to take profits on shares that have done well. Like the New Year's resolution to drink only on weekends rather than days ending with a 'y', NFY intentions dissipate just as quickly. But there's one decision that won't go away – and its got nothing to do with joining a gym. Should they sell their shares in the Commonwealth Bank (ASX:CBA) after last financial year's shock 48% share romp? With the stock down about 5% over the last week, some investors already have lightened up on the bank, rather than with the barbells. Trapped in a 'virtuous cycle' A chorus of expert voices has decried the CBA is chronically overvalued: mainly the fund managers who sold too soon and trashed their 2024-25 performance. In summary, the world's most expensive bank is such because overseas institutions like Australia. The CBA – also the biggest ASX stock- is the obvious proxy for our great nation. As more instos pile into the CBA, there's more buying because of the need to maintain index weighting. The CBA now accounts for 10% of the ASX200 index. This is all very well until a typical bank-like event – such a housing downturn – disrupts this self-reinforcing loop. In the words of Atlas Funds Management's Hugh Dive: 'it's a virtuous cycle until it isn't'. One pillar, three 'stumps' CBA's $300 billion valuation makes its Four Pillars peers look more like three 'stumps'. On Morgan Stanley's numbers, the CBA trades on an estimated current-year earnings multiple of 29 times, compared with 20.4 times for its Westpac (ASX:WBC), National Australia Bank (ASX:NAB) and Australia and New Zealand Banking Group (ASX:ANZ). This compares with a sector average multiple of 12.5 times over the last decade. Of course, most retail investors hold the banks for their franked dividends. On this note, the banks trade on an average forward yield of 4.8%, or 5.8% grossed up (accounting for the franking). The CBA's yield has declined to a mediocre 2.7% (3.9% grossed up). Put in context, a risk-free 12-month CBA term deposit pays 4%. The case for buying To be fair, the CBA has kept its nose out of trouble – and inarguably it's one of the world's best managed banks. Our 'stronger for longer' housing boom sure does help. 'Expensive' shares can remain so for years. This is evidenced by this year's record-breaking run of radiology imaging play ProMedicus (ASX:PME). Or, globally, AI hero Nvidia. So is the next stop for CBA is $200 per share. Or why not $300? The CBA's valuation could be supported if the Goldilocks economy thesis pans out, with tempering inflation enabling more rate cuts (as is expected). Meanwhile, the other three 'Four Pillars' have taken in turns to court disaster and controversy or lose share in the key home mortgage market. Banking on better returns elsewhere That said, the 'three stumps' are excellent banks by global standards. They also have a solid track record of recovering from despite their whoopsies. For those seeking consistent income, they work on a September balance date so pay their divs at a different time to the June-balancing CBA. Still unconvinced? The non-Big Four banks could be a credible alternative. That said, they may lack the relative prudential strength and have a higher cost of capital. Investors in the out-of-sorts Bank of Queensland (ASX:BOQ) enjoyed a 40% bounce share bounce last financial year, secondly only to the CBA's 49% surge. MyState (ASX:MYS) is an exposure to the gentrifying Tasmania market, as well as the Rockhampton and Bundaberg regions. A pure-play business lender Judo Capital Holdings (ASX:JDO) enjoys higher interest margins than on a mortgage, but its risk managers need to be on top of their game. So far, they have been. PNG bank Kina Securities (ASX:KSL) trades on a PE of eight times and an 8% yield. Perversely for the impoverished island nation, Kina has capital adequacy that would put the Big Four to shame.

An expert has quit over the government's planned social media ban, what now?
An expert has quit over the government's planned social media ban, what now?

ABC News

time2 hours ago

  • ABC News

An expert has quit over the government's planned social media ban, what now?

One of the experts advising the teen social media ban's tech trial has resigned over concerns about its planned 'age assurance' technology. Between uploading government ID documents to US tech companies and using AI to scan and identify people's ages, it's still unclear how this ban is going to be enforced. Is there a better solution we're missing here? Also, how can we ban social media if we can't decide what it actually is? YouTube has been classified and de-classified as social media throughout the process of developing the bill, and the definition may be more important than we realise when it comes to drawing a technological line in the sand for this ban. Plus, remember the metaverse? The non-Zuckerberg version of the Metaverse is back in the news this week with a new Standard out that could drastically impact teenagers safety online. GUESTS: Emily van der Nagel , lecturer in social media at Monash University , lecturer in social media at Monash University Jocelyn Brewer, founder of Digital Nutrition and psychologist This episode of Download This Show was made on Gadigal land and in Naarm. Technical production by Ann-Marie de Bettencour and Ross Richardson.

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