Corporations Act – Cyber Law Watch

An AFS Licensee First: Receiving an Order to Pay AU$2.5 Million for Cybersecurity Failures

Jun 16 2026

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.

May 11 2020

By Cameron Abbott, Rob Pulham and Warwick Andersen

Temporary amendments to the Australian Corporations Act 2001 (Cth) (Corporations Act) took effect on 6 May 2020, making it easier to facilitate company meetings using remote technology, and providing some certainty as to companies’ execution of documents electronically under section 127(1) of the Corporations Act.

The Corporations (Coronavirus Economic Response) Determination (No. 1) 2020 (Determination) allows company meetings such as AGMs to be held using technology rather than face-to-face meetings, and enables a quorum, votes, notices and the asking of questions to be facilitated electronically. For a more in-depth look at these changes, see “Operating a Business During COVID-19: The Implications for Public Companies” by our colleagues Harry Kingsley, Kaveh Zegrati, and Alex Garfinkel.

Tag:Corporations Act

An AFS Licensee First: Receiving an Order to Pay AU$2.5 Million for Cybersecurity Failures

Click your “e-John Hancock” onto that: COVID-19 helps the Australian Government clear the way for electronic execution under section 127(1) of the Corporations Act