Tag: Australia

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Cyber Resilience for Financial Services Entities
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Breaches Update – May 2015
3
Government Regulation, Legislation and Enforcement Updates

Cyber Resilience for Financial Services Entities

by Jim Bulling and Julia Baldi

ASIC Report 429
In March this year, the Australian Securities and Investments Commission (ASIC), issued Report 429 Cyber resilience: Health check (REP 429). The report aims to highlight the importance of cyber resilience for entities regulated by ASIC, including Australian Financial Services Licence holders, Australian Credit Licence holders and listed entities. The Report indicates that ASIC is keen to ensure that Australia keeps pace with developments in Europe and the United States in combatting cybersecurity risks.

Click here to read the full article.

Breaches Update – May 2015

by Jim Bulling and Julia Baldi

Pacnet
Pacnet, a subsidiary acquired by Telstra in April 2015, was hit by a major data breach affecting thousands of customers including The Australian Federal Police and government agencies. The breach occurred two weeks before the deal to acquire Pacnet by Telstra was finalised but was not disclosed to Telstra. Telstra is reportedly considering its legal options in respect of both the breach and the non-disclosure by the vendors.

See the Sydney Morning Herald article here.

Airline Computer Hacking
The FBI has alleged that a cybersecurity researcher had hacked into airline computers 15-20 times causing aircrafts to climb against pilot instructions.

See the report here.

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Government Regulation, Legislation and Enforcement Updates

by Jim Bulling and Julia Baldi

Australian Federal Government Cybersecurity Review
The Australian Federal Government holds a Cybersecurity Review.

See the Australian Government’s summary of the review here.

SEC Guidance Update
The SEC’s Investment Management Team published a Guidance Update which outlines measures managed funds and investment advisers may wish to consider in addressing cybersecurity risk. The guidance includes practical tips applicable to Australian entities.

See the Guidance Update here.

Read More

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