By Cameron Abbott, Rob Pulham, Stephanie Mayhew and Lauren Hrysomallis
ASIC has further focused its attention on the duties of companies and directors with regards to cyber resilience with the signing of a Memorandum of Understanding (MoU) with the Office of the Australian Information Commissioner (OAIC).
Read MoreBy: Cameron Abbott, Andrew Gaffney, Harry Kingsley, Rob Pulham, and Stephanie Mayhew
Australia’s corporate regulator, ASIC, has released new guidance on how to comply with market disclosure requirements when a listed company is in the middle of investigating and responding to a cyber incident.
Read MoreBy Jim Bulling
It seems clear following the release in March this year of ASIC Report 429 Cyber Resilience, that all Australian Financial Services Licensees and superannuation funds are currently required to include in their risk management framework measures aimed at addressing the risks posed by cybersecurity breaches.
In addressing the risks ASIC recommends that the U.S. National Institute for Standards and Technology (NIST) framework is a relevant risk management tool. The NIST standards set out the key objectives of an appropriate risk framework:
You can download a copy of the framework here
These objectives will need to be merged into the existing financial services policy frameworks which financial services entities already have in place.
by Jim Bulling and Julia Baldi
ASIC has released updated guidance on electronic disclosure. RG 221:Facilitating online financial services disclosures. It outlines ASIC’s expectations for financial services providers that use (or plan to use) technology, including email and the internet, to deliver financial product and financial services disclosures to clients.
See RG 221 here.
by Jim Bulling and Julia Baldi
ASIC Report 429
In March this year, the Australian Securities and Investments Commission (ASIC), issued Report 429 Cyber resilience: Health check (REP 429). The report aims to highlight the importance of cyber resilience for entities regulated by ASIC, including Australian Financial Services Licence holders, Australian Credit Licence holders and listed entities. The Report indicates that ASIC is keen to ensure that Australia keeps pace with developments in Europe and the United States in combatting cybersecurity risks.
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