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An important read from Australia, as the Federal Court handed down its judgment in proceedings brought by the Australian Securities and Investments Commission (ASIC) against RI Advice Group Pty Ltd (RI Advice). Finding that there was a proper basis for making declarations (in a form agreed by ASIC and RI Advice), as a result of its failure to manage cybersecurity risks and cyber resilience. Sitting a failure to have adequate cybersecurity and cyber resilience risk management controls.
It is the first time the Federal Court has specifically considered these issues in the context of section 912A of the Corporations Act, and is an example of setting precedent for future cases in Australian courts, alongside other regulations that set out requirements for cybersecurity compliance. As the DoJ is doing in the US.
One expects to see more use of regulation to test cybersecurity compliance in court.
Ted Dziekanowski
#cybersecurity #governance #risk #compliance #cyberregulation #asic
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