Article by Tenable country manager A/NZ, Bede Hackney.
It has been a whirlwind year for the Australian financial services sector, from the banking Royal Commission to the introduction of challenger banks and Open Banking. Now, regulators are shoring up the security of the industry by making organisations adhere to a cybersecurity prudential standard. The Australian Prudential Regulation Authority’s (APRA) standard, CPS 234, is aimed at minimising the threat of cyber attacks for APRA-regulated entities by requiring that they implement measures to increase resilience against information security incidents, imposing specific reporting obligations.
Financial institutions are racing to keep up with customer demand for tech-savvy and efficient services that conveniently fit into their digital lives. These expectations have forced financial institutions to compete as digital businesses, delivering tailored services which can be accessed 24 hours a day from any device. This imperative to transform leaves banks exposed, with many struggling to plug vulnerability gaps across their environments, making the sensitive financial information they store an easy and high-value target for…
