Federal Court Finds Ri Advice Failed To Manage Cybersecurity Risks In Landmark Decision
This was the first case brought by the Australian Securities and Investments Commission (ASIC) against any licensee and, subsequently, sets a new legal standard for how financial service providers should seek to execute cybersecurity management plans. The company has been ordered by the court to pay AU$750,000 toward ASIC’s costs, and to engage a cybersecurity expert within the next month to advise and assist RI Advice’s authorised representative network. The decision comes after a significant number of cyber incidents affected authorised representatives of RI Advice between June 2014 and May 2020, leading ASIC to file against the company for breach of its licence obligations....