👉 Background: CoinSpot is the Australian digital crypto exchange that has grown to over 2.5 million users. It allows more than 410 different digital assets to be traded, including those with names like Sushi, Smooth Love Potion, and BoneShibaSwap.

👉 What happened: Coinspot generated nearly $300 million in net profit last financial year, making it one of the largest privately owned companies in Australia. But now, CoinSpot has had more than $2.3 million of Ethereum stolen from its accounts in a hack.

👉 What else: While the actual size of the theft was small, it's a major scare for CoinSpot because it may be a sign of more significant vulnerabilities in systems.

What's the key learning?

💡From little hacks, big hacks grow. Over the last few years, Aussies have grown more and more familiar with cyberattacks; sometimes they're monetary hacks, and other times they're customer data hacks.

💡It's clear that a small vulnerability can turn big pretty quickly.

• When Medibank was hacked, they claimed it only affected 480,000 people. In the end, it had impacted more than 9.7 million customers.
• The cyberattack on Latitude Financial began with 225,000 people. But then, it blew out to impact more than 14 million people.

💡For many companies, the concern is not the number of people impacted, it's actually the fact that a vulnerability exists.