Powered by MOMENTUM MEDIA
Powered by MOMENTUM MEDIA
subscribe to our newsletter
subscribe to our newsletter

ASIC warns industry on cyber security

The corporate regulator has commended the cyber resilience of the ASX and Chi-X, but at the same time has encouraged the broader financial services industry to examine its information security arrangements.

An ASIC report found that both ASX and Chi-X are meeting their statutory obligations to have sufficient resources in place for the management of cyber resilience.

“Because of the dynamic nature of the cyber threat landscape, a comprehensive and long-term commitment to cyber resilience is essential to assist all organisations and the Australian economy to manage this threat,” ASIC commissioner Cathie Armour said.

Advertisement
Advertisement

The report highlighted that cyber resilience is one of the most significant concerns for the financial services industry.

As a result, ASIC has called on the industry to address cyber resilience by reviewing the systems and processes currently in place to address critical issues.

“We also strongly encourage organisations to share threat intelligence and collaborate with industry peers to improve cyber resilience practices across the financial services industry,” a statement issued by ASIC said.

“Key areas identified in the report for organisations to focus on include comprehensive and ongoing board engagement and responsive governance practices that are clearly aligned with an organisation’s wider strategy,” it said.

Moreover, the report emphasised the need for senior management within organisations to monitor threats from internal and third-party sources.

Regarding ASX and Chi-X, the report found the organisations’ cyber resilience to be “repeatable” or “adaptive”.

According to ASIC, both organisations have information security in place, and these arrangements can be reviewed and updated. Further, both organisations communicate threats across the company, have response and recovery plans, and define cyber security roles within a senior management level.

[Related: Calls for greater mobile banking security grow louder]

ASIC warns industry on cyber security
mortgagebusiness

Latest News

The chief executive of a major bank’s institutional arm has announced their retirement after more than 30 years in the sector. ...

The Reserve Bank governor is confident borrowers will manage higher mortgage repayments upon the expiry of deferral periods. ...

It would be “dangerously naive” to expect the operating environment to “go back to normal” once the COVID-19 crisis abates, APRA cha...

FROM THE WEB
podcast

LATEST PODCAST: Brokers continue to step up for clients

Do you expect COVID-19 to reduce or increase your business flows?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.