ASIC encourages Australian businesses to assess their cyber resilience.
ASIC encourages Australian businesses to assess their cyber resilience.
ASIC-regulated entities, including publicly listed companies and other licensees and authorizers, are invited to participate in a cyber resilience survey.
The ASIC cyber pulse survey will assess entities' cyber security, governance, and incident preparedness.
The Department of Home Affairs supports this survey and is eager to see the results as part of the government's goal to make Australia the world's most cyber secure nation by 2030.
"Recent high-profile cyber attacks demonstrate the need for all businesses to have robust cyber capabilities," said Greg Yanco, ASIC Executive Director, Markets. Cyberattacks are becoming more frequent and complex and not limited to companies with large retail customer bases.
Cyber attacks can damage a company's finances, reputation, and operations. Cyber attacks can spread across our financial system due to its interconnectedness. Mr. Yanco said this self-assessment will help entities compare their cyber resilience to industry peers.
ASIC has long prioritised cyber resilience in Australian financial services and markets. Public company directors must ensure their risk management framework adequately addresses cybersecurity risk and implement controls to protect key assets and improve cyber resilience, according to ASIC.
The anonymous survey is voluntary. The survey assesses an entity's ability to:
organisational cyber risks
detect, respond, and recover from cyber security incidents.
ASIC-regulated entities can access the survey by logging into the ASIC Regulatory Portal and following the link.
ASIC will release the survey's key findings later this year.
The report will highlight sectoral insights, actionable areas, and best practises. The report will help the Department of Home Affairs target advice and assistance to the financial sector, support enhanced partnerships to boost cyber security and resilience, and ensure regulatory compliance.
After the survey, participants who requested an individual report will learn how their cyber resilience compares to industry peers.
The Australian Cyber Security Centre estimated cybercrime cost Australia $42 billion in 2021.
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