SECURING THE FINANICAL INDUSTRY
The financial services industry faces significant cybersecurity challenges, including the rise of sophisticated cyber attacks such as ransomware and supply chain attacks. Insider threats, both intentional and unintentional, pose additional risks. Compliance with stringent regulatory frameworks and securing third-party partnerships can be complex. Legacy systems and infrastructure create vulnerabilities, while mobile and digital banking expansion increases the attack surface. A comprehensive and proactive cybersecurity approach is vital to safeguard the financial sector.
CYBER ATTACKS CAN CAUSE SIGNIFICANT DAMAGES
Loss or Theft of
Financial damage and
Loss of customer trust
ARE YOU COMPLIANT?
The financial services industry is subject to a number of regulations in Australia, including the Privacy Act 1988 and the Australian Prudential Regulation Authority's Prudential Standard CPS 234. The industry is a prime target for cyber criminals due to the sensitive nature of the information held by financial institutions.
This Prudential Standard aims to ensure that an APRA-regulated entity takes measures to be resilient against information security incidents (including cyberattacks) by maintaining an information security capability commensurate with information security vulnerabilities and threats.
A key objective is to minimise the likelihood and impact of information security incidents on the confidentiality, integrity or availability of information assets, including information assets managed by related parties or third parties.
- clearly define the information security-related roles and responsibilities of the Board, senior management, governing bodies and individuals;
- maintain an information security capability commensurate with the size and extent of threats to its information assets, and which enables the continued sound operation of the entity;
- implement controls to protect its information assets commensurate with the criticality and sensitivity of those information assets, and undertake systematic testing and assurance regarding the effectiveness of those controls;
- notify APRA of material information security incidents.
In June 2019, APRA released a response letter on the submissions received on the updated cross-industry Prudential Practice Guide CPG 234 Management of Security Risk in Information and Information Technology, renamed as Prudential Practice Guide CPG 234 Information Security (CPG 234).
WE IDENTIFY THE RISKS AND DEVELOP TAILORED SOLUTIONS
If you are part of the private sector that requires an uplift to your cyber security posture, then you are at the right place. Our team at CISO Online are here to uplift your cyber security maturity by taking a structured, systematic risk-based approach and make your business as secure and safe as possible. Our experienced cyber security advisory consultants will work with you to understand your concerns.
Our team of experts will work closely with you to IDENTIFY VULNERABILITIES, ASSESS SECURITY RISKS, and provide TAILORED SOLUTIONS to ensure you meet the regularity requirements for Critical Infrastructure. Ready to uplift your cybersecurity? Read more
If you work in or with the Australia Government, then you are required to comply with The Essential 8. This is a set of mitigation strategies developed by the ACSC that provides the building blocks for a robust cybersecurity strategy. What to know more about The Essential 8? Read more
IT’S NOT ABOUT IF YOU FACE A CYBER ATTACK! IT’S ABOUT WHEN!
In March 2023, Latitude Financial experienced a cyber breach due to stolen credentials, leading to identity theft and a ransom demand. The data of 14 million customers, including driver's license and passport numbers, was compromised. A class-action lawsuit was launched against the company, and they refused to pay the ransom. The breach caused five weeks of income disruption and a projected loss of $95 million to $105 million. Latitude allocated $53 million for cyber incident costs. They will reimburse customers for stolen ID documents and advise checking credit reports for potential misuse. The incident highlights the importance of robust cybersecurity measures in the financial sector.
DON'T LEAVE YOUR ORGANISATION'S SECURITY TO CHANCE.
- EXPERIENCED: We have years of cybersecurity experience in the Critical Infrastructure industry.
- TAILORED: we tailor our approach to meet the specific needs and concerns of our clients rather than taking a one-size-fits-all approach.
- FLEXIBLE: we offer a range of services, packages, and options, meaning we are flexible to fit your organisation’s engagement.
- PROACTIVE APPROACH: we take a proactive approach rather than a reactive approach, identifying and addressing potential risks before they turn into full-blown security breaches.
Ready to take control of your cybersecurity? Talk to an Expert