A cyberattack over the weekend partially closed four major Australian ports, raising concerns about cascading effects.
Forty percent of the freight that enters the country is handled by DP World Australia, which discovered a security breach on Friday and immediately turned off its internet connection.
This meant that throughout the weekend, the company’s port operations in Sydney, Melbourne, Brisbane, and Fremantle were shut down.
The company could not estimate how long it would take to recuperate from the cyberattack, but experts believe it could take weeks, prompting price hikes and rising inflationary pressure.
According to AMP chief economist Shane Oliver, a lengthy disruption in the operations of UAE-owned DP World could have a ripple effect on the overall economy and help trigger another interest rate hike.
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