If you are a software vendor to the Australian banking sector this is an important read, specifically priority 3.

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If you are a software vendor to the Australian banking sector this is an important read, specifically priority 3. Australia is taking the lead on cyber security and cyber strategy across its financial services sector and markets. As APRA the Financial Services Regulator and body responsible for ensuring financial stability releases its 2020 – 2024 cyber strategy. Building on their prudential standard for information security CPS 234.

The new strategy has three priorities, which for all intents could and should be read to other industry sectors.
1. Establishing a controls baseline and establishing non-negotiable cyber security practices.
2. Strengthening the 3 Lines of Defence. Recognising failings in the 3rd line (audit) and board responsibilities to affectively oversight cyber risk.
3. Currently ARPA overseas 680 organisations out of an ecosystem of 17,000. ARPA will increase its scope of oversight to include amongst others software vendors and platform providers.

The strategy looks to address current weaknesses, reducing complexity and harmonising cyber oversight. In 2021 APRA expects some covered entities to complete an independent audit of compliance to CPS 234, evaluating the effectiveness of cyber risk management in the board room.

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