ASIC report on the cyber resilience of Australian financial organisations

The Australian Securities and Investments Commission (ASIC) has released its latest report on the cyber resilience of firms operating in Australia’s financial markets.

The new report covering 2020-2021, provides an update on cyber resilience in the two years since the publication of the last report. It identifies that the ability of financial organisations to prepare, respond and recover from cyber security events has risen by 1.4 per cent. While this falls short of the 14.9 per cent target that was set, AISC has attributed this to the escalation in the cyber threat environment and disruptions caused by the pandemic, as well as having set overly ambitions targets.

“It is pleasing to see the financial services sector improve their cyber security posture, although, as noted by the regulator, more work needs to be done,” said Nigel Phair, Chair of CREST in Australia. “When looking to improve the cyber resilience of their organisation, financial services companies should procure services and advice from a trusted company who can demonstrate technically proficient staff.”

A copy of the report can be downloaded from the ASIC website here: https://asic.gov.au/regulatory-resources/find-a-document/reports/rep-716-cyber-resilience-of-firms-in-australia-s-financial-markets-2020-21/