The Australian Securities and Investments Commission (ASIC) is alleging RI Advice Group Pty Ltd, an Australian Financial Services (AFS) licence holder focused on retirement advice, failed to have adequate cybersecurity systems in place.
ASIC has commenced proceedings in the Federal Court of Australia against RI, following a number of alleged cyber breach incidents at certain authorised representatives of RI.
According to ASIC, incidents included an alleged cyber breach at Frontier Financial Group Pty Ltd from December 2017 to May 2018.
Prior to October 2018, RI was a wholly-owned subsidiary of ANZ Bank. It then became a wholly-owned subsidiary of IOOF Holdings Limited as one of four financial planning dealer groups sold by ANZ under a AU$975 million deal.
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ASIC alleges that Frontier was subject to a brute force attack whereby a malicious user successfully gained remote access to Frontier’s server. ASIC alleges the actor spent more than 155 hours logged into the server, which contained sensitive client information including identification…
