Clicky

APRA warns on inevitability of cyber incident

A significant cyber security incident is probably inevitable in Australia, according to Australian Prudential Regulation Authority (APRA) executive board member, Geoff Summerhayes.

Releasing a consultation package around a new information security management standard, Summerhayes reinforced the importance of the regulator’s approach.

He said the package released by APRA was aimed at shoring up the ability of regulated entities to repel cyber adversaries.

Related News:

Summerhayes said APRA was conscious that Australian financial institutions were among the top targets of cyber criminals seeking money or customer data and the threat was accelerating.

"No APRA-regulated entity has experienced a material loss due to a cyber incident, but a significant breach is probably inevitable,” he said. “In a worst-case scenario, a cyber attack could even force a company out of business."

Key areas where APRA hoped to lift standards include assurance over the cyber capabilities of third parties such as service providers, and enhancing entities’ ability to respond to and recover from cyber incidents.

"Cyber security is generally well-handled across the financial sector, but with criminals constantly refining and expanding their tools and capabilities, complacency is not an option," Summerhayes said.

"Implementing legally binding minimum standards on information security is aimed at increasing the safety of the data Australians entrust to their financial institutions and enhance overall system stability,” he said.




Related Content

VOFF letter added to Coalition’s woes

Joining the chorus of those after the Federal Liberal Party, Victims of Financial Fraud (VOFF) has written to Treasurer Josh Frydenberg to remind him ...Read more

Life insurer claims data provision made mandatory

Life insurers are now mandatorily required to report data on claims and disputes to the Australian Prudential Regulation Authority (APRA) in what is b...Read more

Govt puts super fund governance back on agenda

The Federal Government has placed superannuation fund governance and default superannuation back on its policy agenda, with the Assisting Treasurer, S...Read more

Author

Comments

Add new comment