Share on LinkedInShare on LinkedIn

ARTICLE · 16 AUGUST 2022

ASIC broadens its focus on cybersecurity and defective systems

Corrs Chambers Westgarth
Corrs Chambers Westgarth
Contributor
Corrs Chambers Westgarth

Corrs Chambers Westgarth

Corrs Chambers Westgarth is Australia’s leading independent law firm. We provide exceptional legal...

View firm profile
Explore more from Corrs Chambers Westgarth

Examines recent decision clarifying law about the adequacy of cybersecurity safeguards & the ability to protect consumers.

AustraliaTechnology
Felicity Healy
Felicity Healy
Camilla Bishop
Camilla Bishop
Author LinkedIn connections

This article was originally published in the July 2022 edition of the LexisNexis Australian Banking and Finance Law Bulletin.

Given heightened concerns about cybersecurity, the Australian Securities and Investments Commission (ASIC) has sought to clarify the law regarding the adequacy of cybersecurity safeguards and the ability to protect consumers.

This article examines the recent decision of ASIC v RI Advice Group Pty Ltd, where ASIC squarely brings this issue to the full attention Australian financial services licence (AFSL) holders in an environment with increased reliance on technology.

To access a copy of the article here or click the 'DOWNLOAD PDF' button.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

Lawyers Weekly Law firm of the year 2021
 		Employer of Choice for Gender Equality (WGEA)

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

    Lawyers Weekly Law firm of the year 2021                  
 Employer of Choice for Gender Equality (WGEA)

View source

Related Articles

Read more about

Related Comparative Guides

See more popular content from

Article

APRA v Bedingo And Adelaide Bank: A Wake-up Call For Directors And Officers

The Australian Prudential and Regulatory Authority has launched unprecedented civil penalty proceedings against Bendigo and Adelaide Bank following a 2023 cybersecurity breach that exposed critical weaknesses in the bank's risk management systems. This landmark case signals a fundamental shift in regulatory enforcement, extending accountability beyond corporate entities to individual directors and officers who fail to ensure adequate cybersecurity controls are functioning as intended.
AustraliaTechnology
Kennedys
Kennedys
Article

South Australian Royal Commission Into Artificial Intelligence: What Businesses Need To Know Now

South Australia has announced a Royal Commission into Artificial Intelligence, set to commence in October 2026 and deliver findings by July 2027. The inquiry will examine AI's economic and social impacts across policy, education, public services, workforce transformation, and infrastructure. Businesses using or developing AI should prepare for potential regulatory reforms and consider engaging with the inquiry process.
AustraliaTechnology
Piper Alderman
Piper Alderman
Article

APRA and ASIC's coordinated approach to frontier AI: implications for financial services entities Read More

APRA and ASIC have issued coordinated guidance on frontier AI risks, requiring financial services boards to demonstrate direct oversight of AI governance, cyber resilience and third-party dependencies. The regulators' expectations build on existing prudential standards and directors' duties, with enforcement signals indicating that proportionate action must be taken before incidents occur.
AustraliaStrategy
Corrs Chambers Westgarth
Corrs Chambers Westgarth
Article

Australia’s Privacy Act Reforms: Fundamental Changes Proposed In New Exposure Draft

Australia's Privacy Act reform has reached a critical milestone with the release of exposure draft legislation proposing fundamental changes to how organisations handle personal information. The reforms introduce a new 'fair and reasonable' test for data collection and use, a right of erasure for large digital platforms, strengthened consent standards, a statutory controller/processor framework, restrictions on trading personal data, and enhanced data breach obligations. These changes come at a time when em
AustraliaPrivacy
Corrs Chambers Westgarth
Corrs Chambers Westgarth
Article

How Planning And Environmental Reforms Are Shaping Australia’s Next Wave Of Priority Projects

Planning and environmental reforms are reshaping not just approval pathways, but where decision‑making power sits, how legitimacy is earned and how competing policy priorities collide in the delivery of Australia’s next wave of priority projects. The central challenge is no longer speed alone, but whether accelerated delivery can be sustained without undermining confidence, coordination and long‑term outcomes.
AustraliaEnvironment
Corrs Chambers Westgarth
Corrs Chambers Westgarth
Article

Director Identification Numbers: Practical Lessons From The 2026 Reforms

Australia's director identification number regime has evolved from initial implementation to routine governance compliance. Recent legislative reforms strengthen ASIC's enforcement powers and integrate DINs more closely into corporate registry processes, requiring companies to embed verification procedures into director appointments, succession planning and ASIC reporting.
AustraliaCorporate/Commercial Law
Corrs Chambers Westgarth
Corrs Chambers Westgarth
Article

Social And Affordable Housing: From Funding Ambition To Delivery Reality

Australia’s social and affordable housing agenda is no longer constrained by policy intent alone – it is increasingly defined by how capital, risk and delivery are structured across the system. While funding has expanded, it remains finite, and will not, on its own, sustain delivery at the scale required. The central challenge is whether the system is configured to deploy that capital effectively, or whether structural barriers will continue to constrain supply.
AustraliaReal Estate and Construction
Corrs Chambers Westgarth
Corrs Chambers Westgarth