The Australian Securities and Investments Commission (ASIC) has invoked its recent court win against FIIG Securities to press financial firms, urging them to lift cyber resilience standards as frontier artificial intelligence rapidly amplifies security risks.
In an open letter to licensees and market participants on Friday, the corporate regulator said entities should act immediately rather than wait for further technological or regulatory clarity, stating that core cyber security controls must be robust enough to withstand AI-accelerated threats.
ASIC commissioner Simone Constant said companies must take “urgent, focused action” under a principles-based, model-agnostic approach and treat cyber resilience as a core licensing obligation rather than an information technology function.
“Entities need to have robust incident response plans. Whether an entity faces a basic phishing attempt or a more sophisticated cyber-attack, the underlying cyber risk management principles of…
