APRA Forces Finance Industry to Take Cybersecurity Seriously

APRA Forces Finance Industry to Take Cybersecurity Seriously
A workman is stumped while he erects the Australian Stock Exchange board in Melbourne, Australia, 28 August 2006. AFP/Getty Images
Daniel Y. Teng
Updated:

An Australian financial regulator has put its foot down on cybersecurity forcing banks, insurers, and superannuation funds to take tougher measures to protect their systems.

From next year, APRA will require financial institutions to complete external audits of their cybersecurity systems. The goal being to “send a message” across the wider industry about the seriousness of cyber threats, and to also ensure there are no gaps in existing systems.

Daniel Y. Teng
Daniel Y. Teng
Writer
Daniel Y. Teng is based in Brisbane, Australia. He focuses on national affairs, including federal politics and Australia-China relations. Got a tip? Contact him at [email protected].
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