Author's Opinion

The views in this column are those of the author and do not necessarily reflect the views of iTWire.

Have your say and comment below.

Wednesday, 20 May 2020 11:45

MyBudget has good news on 11th day of outage: founder's video messages back

By
MyBudget has good news on 11th day of outage: founder's video messages back Image by Gerd Altmann from Pixabay

As Australian money management firm MyBudget enters the 11th day of an outage with its customer web portal still unaccessible, it's beginning to look like the company has an additional problem: poor communication. The outage has been blamed on unspecified ransomware.

Until Tuesday, MyBudget was posting all its updates on the situation on a single page. Today (Wednesday), links to all those updates have disappeared with only a link to the "latest update" remaining.

The company offers two ways of making contact: a 1300 number and a Web page where one can chat to its staff. The problem is that anyone who wants to make contact in either of these ways should be prepared for a lengthy wait. iTWire got on the chat channel on Tuesday but gave up after waiting for some time.

MyBudget's customers appear to be from the less wealthy sections of the Australian populace, given that they approach the company when they have financial troubles. For people who are in this situation to be unable to know what has happened to their money is particularly cruel.

One of the company's clients, Shelds C, posted this comment on Twitter: "This whole debacle is more about trust than anything else. I've been with MyBudget for almost a decade and paid them around 20k for services in that time. With approx 110,000 customers who pay 40 [dollars] per week how is that 4.4m per week not preventing this?"

To this a company representative, Erica, replied: "Hi Sheldon, MyBudget has helped more than 110,000 clients since the company started in 1999. This number includes past and current clients. Thanks, Erica."

Which is not to say that MyBudget does not make a tidy pile; the company charges $1100 as an establishment fee when someone sets up an account. One then pays anything from $40 upwards per week for the firm to manage their money and provide "caring money management, a structure and support to ensure you have enough money to pay your bills on time, have savings in the bank and live the debt-free, stress-free life you desire”.

As to the confusing messages sent out, MyBudget says on a page that is devoted to the malware incident that took its systems down, "At present, the investigation is still ongoing, and there is no credible evidence that significant data was accessed or will be misused."

But the very next line says, "However we can't rule this out and are taking all cautionary measures." In other words, "I have your data safe but I can't guarantee that it's not been stolen."

Again, the company says it is working with "leading experts, government agencies and law enforcement bodies" but names nobody. How is that supposed to offer comfort to people who are worried sick about the one thing that is most important to them – their money?

But there is good news on one front: those cloying messages from the MyBudget founder, Tammy Barton, are back, though delayed by a day. Barton has now posted her take for Tuesday online. The company appears to think this is the most important part of its reaction, given that it is proclaimed in bold type.

It is introduced with these reassuring words: "Our technology experts, along with our external partners, are meticulously testing our client web portal and app with the aim of successfully restoring those services by the end of this week.

"We know how important it is for you to have visibility over your finances and it’s our highest priority to provide exactly that ASAP."

Somehow, one doesn't think those words will comfort the people who are wondering whether their bills have been paid or whether they will get eviction notices from their landlords soon.

WEBINAR event: IT Alerting Best Practices 27 MAY 2PM AEST

LogicMonitor, the cloud-based IT infrastructure monitoring and intelligence platform, is hosting an online event at 2PM on May 27th aimed at educating IT administrators, managers and leaders about IT and network alerts.

This free webinar will share best practices for setting network alerts, negating alert fatigue, optimising an alerting strategy and proactive monitoring.

The event will start at 2pm AEST. Topics will include:

- Setting alert routing and thresholds

- Avoiding alert and email overload

- Learning from missed alerts

- Managing downtime effectively

The webinar will run for approximately one hour. Recordings will be made available to anyone who registers but cannot make the live event.

REGISTER HERE!

LAYER 1 ENCRYPTION A KEY TO CYBER-SECURITY SOLUTION

Security requirements such as confidentiality, integrity and authentication have become mandatory in most industries.

Data encryption methods previously used only by military and intelligence services have become common practice in all data transfer networks across all platforms, in all industries where information is sensitive and vital (financial and government institutions, critical infrastructure, data centres, and service providers).

Get the full details on Layer-1 encryption solutions straight from PacketLight’s optical networks experts.

This white paper titled, “When 1% of the Light Equals 100% of the Information” is a must read for anyone within the fiber optics, cybersecurity or related industry sectors.

To access click Download here.

DOWNLOAD!

Sam Varghese

website statistics

Sam Varghese has been writing for iTWire since 2006, a year after the site came into existence. For nearly a decade thereafter, he wrote mostly about free and open source software, based on his own use of this genre of software. Since May 2016, he has been writing across many areas of technology. He has been a journalist for nearly 40 years in India (Indian Express and Deccan Herald), the UAE (Khaleej Times) and Australia (Daily Commercial News (now defunct) and The Age). His personal blog is titled Irregular Expression.

VENDOR NEWS & WEBINARS

REVIEWS

Recent Comments