Cybersecurity and
AFSL compliance and
what every financial services leader needs to know
RG104 makes it really clear to all AFSL holders, they must maintain technology that is both stable and secure, aligned to the nature, scale and complexity of their financial services business. However, RG104 is well beyond the right infrastructure.
As an overview RG104 obligations highlight:
- Cybersecurity and information security
- Risk management systems
- Outsourced IT Oversight
- Incident Response
- Employee Training & Supervision
Over the last 18 months, multiple financial services firms in Australia have faced ASIC enforcement actions, not just because they were breached but because they couldn’t demonstrate adequate cyber risk management before a breach occurred.
In one high profile case in 2023, a boutique Advisory Firm received $1.2million penalty and temporary suspension of license operations due to failure to implement basic cybersecurity safeguards including:
- No formal incident response plan
- Inadequate endpoint protection
- No staff cybersecurity awareness training
ASIC has repeatedly highlighted the importance of the following requirements:
- Cyber risk registers as a part of your business risk
- Third party oversight including you working with MSPs and cloud vendors
- Business continuity plans and stress testing the plans
- User activity monitoring and transparency on privilege access controls
- ISO 27001 alignment especially where regulatory scrutiny is higher
Need Help?
If you need help in understanding how this will impact your
financial services business, join our Webinar Event.
Daniel Butt, CEO, Danet will be walking through Fin Services obligations and
the right controls – don't just meet these but exceed them when its Audit time.
financial services business, join our Webinar Event.
Daniel Butt, CEO, Danet will be walking through Fin Services obligations and
the right controls – don't just meet these but exceed them when its Audit time.