As industry concern about cybersecurity grows, the Australian Securities and Investments Commission published a report on Monday highlighting emerging good practices within the financial sector.
The ASIC report also details the first assessment of the cyber resilience of the Australian Securities Exchange (ASX) and Australia Pty Ltd.
The report calls on the financial services sector generally to recognize the growing threat to cyber security, and for firms to refine their systems and processes to address these issues.
In particular, the ASIC report recommends that senior management “closely manage cyber risk from both internal and third-party sources, establish robust collaboration and information-sharing networks to access the best defensive intelligence and technology, and implement thorough cyber awareness training programs.”
Firms should focus on ensuring board engagement with these issues, and that their governance practices are aligned with their overall strategy, the report says.