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Michael William’s, the Head of Gilbert + Tobin’s Cyber Response , discusses cyber security and threats to businesses.
APRA has released its first, cross-industry prudential standard on information security for consultation, designed to tackle cyber security incidents by setting minimum standards. Read more.
Draft Prudential Standard CPS 234 (draft CPS 234) extends the key Board requirements set out in Prudential Standard CPS 220 Risk Management and Prudential Standard SPS 220 Risk Management (CPS/SPS 220). Draft CPS 234 aims to address the possible exposure to information security risk across extended business environments – particularly where there are third party providers and reflects the constantly evolving nature of information security threats and vulnerabilities. Under draft CPS 234, APRA-related entities must now:
Draft CPS 234 will apply to authorised deposit-taking institutions, general insurers, life insurers, private health insurers, licensees of registrable superannuation entities, and authorised or registered non-operating holding companies. The proposed information security standard is part of a broader APRA project to update its existing prudential standards and guidance in respect of the management of operational risk.
Submissions close 7 June 2018.