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The Australian Securities and Investment Commission (ASIC), Australia’s corporate, markets, and financial services regulator, has fined FIIG Securities $2.5 million for failing to protect clients from cybersecurity threats for more than 4 years.
The fine covers FIIG’s failure to manage security, including a lack of qualified and experienced security staff, implement appropriate cybersecurity measures, a V&P plan, mandatory cybersecurity awareness training, and an appropriate incident response plan.
Why is this fine important? It is the first time the ASIC has fined a general AFS licensee for cybersecurity failures. It also placed responsibility on FIIG ordered FIIG to undertake a compliance programme involving the engagement of an independent expert to ensure its cyber security and cyber resilience systems are reasonably managed. A requirement that will no doubt have oversight by the FSIC.
Cybersecurity, cyber attacks, data breaches, and inadequate operational resilience and crisis management are on the ASIC 2026 issues outlook. Expect more regulatory oversight. ASIC 2026 issues outlook – https://lnkd.in/es2Bvd5c
@Thaddeus Dziekanowski Brian D. McCarthy
@Parava Security Solutions ASIC FIIG Securities
#cybersecurity
https://lnkd.in/e4szbVnu
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