Telstra Corp is planning to buy the Pacific operations of Digicel Group. The Australian government will be helping with the funding and is expected to provide 75% of the fund. The deal, which is still being discussed, is estimated to be worth A$ 2bn of which the Aussie govt paying A$ 1.5bn. Digicel is critical to telecommunications in the region with strong margins and it had a core earning of $235 mn in 2020.
Cars24 along with DST is looking to raise around $200 mn to $250mn. This will take the valuation of Cars24 to $2 bn. In November Cars24 closed a series E round that took their valuation beyond the $1bn marks. Both companies have declined to comment on the deal. The startup is looking to extend its influence in Australia and UAE. Cars24 said, in Nov their site traffic had grown by 4 x since the start of the pandemic.
Ransomware Payments Bill 2021 was introduced in the Australian House of Representatives on Monday which, if passed, would require organizations to inform ACSC before a payment is made to a criminal organization in response to a ransomware attack. The ACSC would be required to de-identify the information for the purpose of informing the public and private sector about the current threat environment.
Internet outages affected the Australian central bank, the postal service, commercial lenders, and many other companies. Operations to buy long-dated government bonds were canceled by the Reserve Bank of Australia due to internet issues. Many of the affected websites were back online by late afternoon. The CBA saw a widespread impact on its businesses due to the outages. The issue was with the host and the internet service provider.
In 2020, Australians reported total losses of AUS $851mn to scams, with AUS$ 128 mn lost to BEC, AUS$ 8.4mn to remote access scams while identity theft cost AUS $3.1mn. Maximum were investment scams worth AU$ 328 mn. A total of 444,164 scam incidents happened in 2020. Bank transfer was the most common payment method costing just over AU$ 97mn, while cryptocurrency was second costing AU$ 26.5mn. People over age 65 lost the most, AU $37.7mn.
IDC predicts that spending on security products and services in Asia-Pacific is expected to hit $23.1 bn in 2021, a 12.6 % rise YoY. The investments to grow at a five-year CAGR of 13.3 % over the forecast period (2019-24) and touch $35 bn by 2024. Australia and India, together, will drive the market and account for 26 % of the overall spending in the region. The two countries have a large number of enterprises catering to domestic and international clients.
Australia’s federal court found google misleading users of personal location data collected by Android smartphones, the country’s competition regulator said. ACCC said that android phone users were also not informed by Google that turning off location history but leaving the “Web & App Activity” setting ‘on’ would let it continue to collect the data. Google will be penalised by the local regulator, but the amount is not specified yet.