CyberHUB
The Regulator’s stance on cyber
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The Australian Investment and Securities Commission (ASIC) does not prescribe technical standards or provide expert guidance on operational aspects of cybersecurity or specific requirements for individual AFS licence holders.
However, there is an expectation for licensees to address cyber risk as part of their AFS licence. This means AFS licensees need to be aware of the potential consumer harm that arises from cybercrime and are expected to adopt good cybersecurity risk management practices to reduce potential harm to consumers.1
According to ASIC’s website, active management of cyber risks and continuous cybersecurity improvement includes the assessment of cyber incident preparedness and review of incident response and business continuity plans.
It notes:
‘All organizations should regularly re-assess their cyber risks and ensure their detection, mitigation and response measures adequately support the size and complexity of their business, and the sensitivity of the information they hold.’1
ASIC strongly encourages AFS licensees to report cyber incidents to the Australian Cybersecurity Centre. Licensees should also consider if any obligation arises to report the incident to ASIC.2
Resources
- What a Federal Court ruling on cybersecurity means for AFS licensees – May 2022 – ASIC website www.asic.gov.au
- Australian Cybersecurity Centre – www.cyber.gov.au
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