Australian hacking incident exposes serious governance failures

The incident in which a payment of US$2.5 million due to Australia was diverted into the hands of fraudsters was not an isolated oversight but rather the cumulative result of failures in the governance procedures and operational systems of several institutions, according to the final report of the Parliamentary Committee on Public Finance, which investigated the matter.

The report further states that the investigation indicates that the incident involved financial fraud linked to a cybercrime and resulted in the theft of US$2.5 million in public funds.

It also notes that a major governance lapse was the absence of a comprehensive terms of reference document to guide the debt repayment functions of the newly established Public Debt Management Office, which further aggravated procedural and operational shortcomings.

The report was tabled in Parliament today (10) by the Committee’s Chairman, Dr Harsha de Silva.

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