ASIC Commissioner, Danielle Press, joins Fraser Jack of The Cyber Collective to discuss the expected cybersecurity standards for AFSLs and Financial Advisers.
The Australian Securities and Investments Commission (ASIC) is an independent Australian Government body that regulates corporate, markets, financial services and consumer credit. They are set up under and administer the Australian Securities and Investments Commission Act 2001 (ASIC Act), and we carry out most of our work under the Corporations Act.
Their role is to:
- maintain, facilitate and improve the performance of the financial system and entities in it
- promote confident and informed participation by investors and consumers in the financial system
- administer the law effectively and with minimal procedural requirements
- receive, process and store, efficiently and quickly, information we receive
- make information about companies and other bodies available to the public as soon as practicable
- take whatever action we can, and which is necessary, to enforce and give effect to the law.
In this video, Danielle and Fraser discuss the core obligations of cyber security for AFSLs and financial professionals. AFSLs deal with a lot of important client information like bank details, medical records and personal identification. It’s imperative that they have processes and systems in place to protect this sensitive data.
Reducing risk of a cyber attack to zero isn’t possible, but AFSLs must do all they can to mitigate risk and respond quickly in the event of a cyber emergency.
Danielle asks that all AFSLs are cyber vigilant by constantly assessing the cyber landscape and identifying the key risks, and by preparing their cyber defenses.
For more information check out these great resources:
Australian Cyber Security Centre: www.cyber.gov.au
Australian Securities & Investments Commission: www.asic.gov.au