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During the past few years, Australia’s financial services sector has been undertaking a rapid and fundamental evolution of its IT infrastructure.

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Amid the widespread disruptions caused by the global pandemic, financial services firms have had to make some rapid and fundamental changes to their operations.

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Bitcoin was essentially created by those who didn’t believe in the established monetary system, they wanted to create an environment where monetary exchanges could take place outside of the established system by removing not only the third-party intermediaries but also replacing the traditional units of exchange.

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COVID-19 has drastically accelerated the digital transformation of businesses worldwide. While our increasing reliance on digital services and products has generated numerous advantages across professional and personal lives, it has also expanded opportunities for fraud and cyber-crime attacks.

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Even before the global pandemic, financial services companies were subject to unparalleled levels of cyber threat. The World Economic Forum’s Global Risks Report 2020 found that 76 per cent believed that the risk of cyber attacks would rise throughout last year.

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