May 10, 2022

afsl-holder-fined-for-not-managing-cybersecurity-risk-acy-advisory

An Australian first, AFSL holder fined for not managing Cybersecurity risk

ASIC has sent a strong message, in a first, that AFSL holders will be held accountable for not managing cybersecurity risk as part of their overall obligation to efficiently and fairly. Financial services company RI Advice Group was ordered to pay $750,000 towards ASIC’s costs by the Federal Court (https://asic.gov.au/about-asic/news-centre/find-a-media-release/2022-releases/22-104mr-court-finds-ri-advice-failed-to-adequately-manage-cybersecurity-risks/). The finding comes after a…

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