Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Financial cyber resilience improving: ASIC

asic ta  asic ta
reporter 4 minute read

Australian firms are more cyber resilient than ever, according to a report from ASIC.

In 2017, ASIC surveyed the cyber resilience of firms operating in Australia’s financial markets, with participants providing answers to the National Institute of Standards in Technology (NIST) Cybersecurity Framework.

While awareness and management of cyber security risks were improving, there was still room for improvements.

But in 2019, Australian financial firms are now more cyber resilient than ever. 

Firms assigned themselves ratings from “partial” (“policies and procedures are not formalised, responses are reactive”) to “adaptive” (“policies and procedures evolve in response to changes in cyber security threats”). 

Advertisement
Advertisement

Large firms showed steady improvement from the last time the survey was conducted, with substantial progress in the areas of staff awareness and training. 

“The two areas that showed the most improvement (16 per cent improvement on cycle 1) include awareness and training programs (77 per cent ‘repeatable’ or ‘adaptive’) and user access management (91 per cent ‘repeatable’ or ‘adaptive’),” the report read.

“However, given the importance of employees as a line of defence against cyber security events, there is still room for improvement in user awareness and training.”

However, there were some pitfalls. 

“Due to the complexity of large firms and the breadth of services they offer, asset management (20 per cent ‘partial’ or ‘risk informed’) and supply chain risk management (22 per cent ‘partial’ or ‘risk informed’) have been identified as areas of improvement,” the report stated. 

PROMOTED CONTENT


But the cyber resilience of Australian firms has still increased 15 per cent between the first and second surveys. 

“Organisations are alert to cyber security threats to their business and have focused their resources and efforts on improving their cyber security governance, risk management, and response and recovery capabilities,” the report read.

[Related: ASIC approves banking code changes]

Financial cyber resilience improving: ASIC
asic ta
TheAdviser logo

Are you a new-to-industry broker in the process of growing your business? Then there’s some great news: The Adviser’s New Broker Academy is back in 2021 and will provide you with essential insights into cutting-edge tools, strategies and processes to fast-track to success. Don’t miss your chance to attend. To secure your FREE place, visit newbroker.com.au now!

asic ta

 

more from the adviser
Mike Felton new mb e12d

Breaking News

Association working to ‘fix’ reference checking laws

The MFAA has been working with Treasury to “fix” reference c...

digital technology user

Breaking News

Money management app flags broker push

Clever, a new money management platform, has launched to market, ...

mortgage calculator

Breaking News

Bank increases maximum loan amounts

A non-major bank has raised its maximum loan amounts by up to $90...