Navigating APRA’s Regulatory and Reporting Landscape by Quantifying Cyber Materiality
In response to the growing number of malicious actors that have managed to exploit cybersecurity vulnerabilities and cause irreparable damage to organizations, governments worldwide have decided to intervene, recognizing a need for a systematic approach to safeguarding national assets. Helping to lead the way in this institutionalized effort is the Australian Prudential Regulation Authority (APRA).
APRA is responsible for regulating and overseeing Australia’s financial sector, including banks, insurance providers, credit unions, and retirement funds. While functioning as an independent body, they are answerable to the Australian Parliament. Over the past decade, APRA has released multiple standards to ensure that all included entities prioritize the management and governance of these prevailing cyber risks, intending to forge a more secure cyber landscape.
Among these standards, CPS 234, adopted in 2019, and CPS 230, set to be officially enacted in 2025, stand out as particularly significant. The former specifically addresses information security, while the latter more broadly…
