Awareness and management of cybersecurity risk is improving in Australia’s financial market, said the Australian Securities and Investments Commission (ASIC), but there is still room for improvement across the entire sector.
The remarks were made in a new report [PDF] from the corporate regulator that compiles trends from self-assessment surveys completed by financial markets firms.
Report 651 from ASIC, Cyber resilience of firms in Australia’s financial markets: 2018–19 is an update to 2017’s Report 555, Cyber resilience of firms in Australia’s financial markets.
In both 2017 and 2018, ASIC asked participants to assess their cyber resilience against the National Institute of Standards in Technology (NIST) Cybersecurity Framework.
The NIST Framework allows firms to assess cyber resilience against five functions: Identify, protect, detect, respond, and recover, using a maturity scale of where they are now and where they intend to be in 12-18 months.
Read more: NIST Cybersecurity Framework: A cheat sheet for professionals (TechRepublic)
“The cyber resilience of firms operating in…
