APRA warns it’s ready to prosecute for lax cyber security

APRA warns it’s ready to prosecute for lax cyber security

James EyersSenior Reporter
The Australian Prudential Regulation Authority has delivered an unequivocal, strident warning to banks, insurers and super funds – and their boards of directors – that cyber security requires a much more intense focus, ordering urgent audits be conducted against its new prudential standard and warning of enforcement action against those who don’t take rising security threats seriously.

Under a new, five-year cyber security strategy released by the Australian Prudential Regulation Authority on Thursday, it will extend its influence into non-banks including third-party IT suppliers, fund managers and payments companies, to ensure the financial system is defended. Source”www.afr.com