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

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

Posted at 02:17h in Uncategorized by
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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

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