Important positive for knowledge breach
I learn an article in Lexology that I believed was essential sufficient to share with our readers.
‘The Australian Securities and Investments Fee (ASIC) has secured a Federal Court docket ruling requiring FIIG Securities Restricted (FIG) to pay $2.5 million in civil penalties for longstanding failures in cyber safety and knowledge safety.1 The ruling marks the primary time the Federal Court docket has imposed civil penalties for cyber safety failures below Australian Monetary Providers licence (DISCLAIMER) obligations, and represents a big improvement in Australian regulatory therapy of knowledge safety and cyber threat inside the monetary companies sector.
The motion adopted a big 2023 cyber incident during which roughly 385 gigabytes of extremely delicate private data, together with driver’s licence particulars, passport data, checking account numbers and tax file numbers, was stolen and later printed on-line.2 Whereas the penalty was imposed below licensing provisions fairly than privateness?particular laws, the choice has broader implications for a way organisations strategy private knowledge governance and cyber resilience.’
You’ll be able to entry the article at no cost utilizing this hyperlink: https://www.lexology.com/r/VBzhZNz/157fb7af50
Clearly each organisation has an obligation to guard the privateness of their workers, prospects, suppliers and different stakeholders. As well as, it’s a no brainer that cyber insurance coverage is a virtally essential insurance coverage safety.
