Cyber Risk - K&L Gates update for the Financial Services industry
Cyber Risk in Financial Services ASIC Report 429 In March this year, the Australian Securities and Investments Commission (ASIC), issued Report 429 Cyber resilience: Health check (REP 429). The report aims to highlight the importance of cyber resilience for entities regulated by ASIC, including Australian Financial Services Licence holders, Australian Credit Licence holders and listed entities. ASIC is keen to ensure that Australia keeps pace with developments in Europe and the United States in combatting cybersecurity risks. REP 429 sets out the measures which ASIC believes regulated entities should already have implemented, in order to meet their compliance obligations relating to privacy of stored data and cybersecurity generally. Grant Thornton helps clients address internal controls and can design audit programs to provide assurance over such risks, working in concert with legal advisors such as K&L Gates.