An AFS Licensee First: Receiving an Order to Pay AU$2.5 Million for Cybersecurity Failures
By: Cameron Abbott, Daniel Knight, Rob Pulham, Alex Parker, Madison Jeffreys, Emre Cakmakcioglu and Annaliese Filippis
In a key decision against an Australian financial services licence (AFSL) holder, the Federal Court of Australia has ordered the AFSL holder to pay AU$2.5 million in penalties for inadequate cybersecurity measures. The Australian Securities and Investments Commission (ASIC) took action following a cyberattack on the AFSL holder’s IT systems, resulting in approximately 385GB of data being downloaded from its servers.
Read More