ASIC updates the Breach Reporting Requirements for all licensees

In April 2023, ASIC released updates to Regulatory Guide 78 (RG 78) to provide additional guidance in relation to breach reporting. These changes took effect on 5 May 2023 and seek to enable AFS and credit licensees (Licensees) to better understand the breach reporting process. This follows ASIC's implementation of a new Breach Reporting Regime in late 2021, which saw many firms report breaches to ASIC and enabled ASIC to better identify trends of non-compliance in the industry.

Key Changes

• Grouping multiple Reportable Situations;
• New guidance on describing the Reportable Situation;
• New guidance on providing updates to your breach report;
• Updated breach reporting form, including new guidance on root causes and what constitutes a similar Reportable Situation; and