How resilient are Australia's financial markets?

How resilient are Australia’s financial markets? | Insurance Business Australia

Insurance News

How resilient are Australia’s financial markets?

ASIC looks to find out

Insurance News

By
Miko Pagaduan

ASIC-regulated entities, including publicly listed companies and licensed organizations, have been called upon to participate in a survey aimed at measuring cyber resilience in Australia’s corporate and financial markets.

The ASIC cyber pulse survey, one of the largest conducted on this subject in Australia, will evaluate the entities’ current cyber security measures, governance arrangements, and incident preparedness.

The survey, accessible through ASIC’s regulatory portal, will assess an entity’s ability to govern and manage cyber risks, protect critical information assets, and respond to security incidents.

Later this year, ASIC will publish a report featuring key findings from the survey. The report will provide sector-specific insights, areas requiring action, and identified best practices. The Department of Home Affairs will leverage these insights to provide targeted advice and support to the financial sector, foster partnerships to enhance cyber security, and ensure regulatory compliance.

Upon the survey’s completion, participants who opted for an individual report will receive insights into their cyber resilience capabilities compared to industry peers. Participation in the survey is voluntary and all responses will be anonymized.

Greg Yanco, ASIC’s executive director, markets, emphasized the importance of robust cyber capabilities in light of recent high-profile cyber attacks.

“Cyber attacks can disrupt an organization’s business operations and result in financial, legal, and reputational harm,” Yanco said.

Recognizing the interconnectedness of the financial system, Yanco highlighted that the impact of cyber attacks can extend beyond a single entity.

The Department of Home Affairs, supporting the Minister for Cyber Security and Australia’s mission to become the world’s most cyber-secure nation by 2030, is supportive of the survey and looks forwards to its findings, ASIC said.

Have something to say about this story? Let us know in the comments below.