Cyber attack crisis response planning moves up the agenda as ASIC and APRA tighten expectations.
Geopolitical instability is adding a new layer of risk for financial services firms and it’s not just market volatility.
Cyber security experts warn that global conflicts are increasingly accompanied by a surge in cyber-attacks. The Australian Signals Directorate’s Australian Cyber Security Centre (ACSC) recently cautioned that Iranian-linked actors have been targeting local entities. According to Tony Burke, the Federal Minister for Cyber Security:
“When it comes to cyber security, we need to be strong no matter how large or small the business is.”
While cyber security has traditionally sat within IT teams, regulators are making it clear that responsibility now sits firmly at the executive and board level – particularly when it comes to incident response.
ASIC’s guidance, including Report 429, requires financial services licensees to maintain adequate risk management systems to detect and respond to cyber incidents. That obligation extends beyond technical containment to include how firms communicate…
