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ARTICLE · 25 JULY 2024

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ASIC And OAIC's New Information Sharing MoU: What You Need To Know

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ASIC has further focused its attention on the duties of companies and directors with regards to cyber resilience with the signing of a Memorandum of Understanding (MoU) with the Office...

AustraliaPrivacy
Cameron Abbott
Cameron Abbott
Rob Pulham
Rob Pulham
Stephanie Mayhew
Stephanie Mayhew
Lauren Hrysomallis
Lauren Hrysomallis

ASIC has further focused its attention on the duties of companies and directors with regards to cyber resilience with the signing of a Memorandum of Understanding (MoU) with the Office of the Australian Information Commissioner (OAIC).

The MoU came into force on 13 June 2024, with ASIC reporting that it will allow for proactive information sharing between the two agencies for the purposes of exercising powers and performing their respective functions.

The Australian Information Commissioner, Angelene Falk, explained that the MoU will help accelerate data and privacy breach responses. 'Protecting the public interest is best served by ensuring a joined-up approach by regulators that can efficiently and effectively deal with matters that cross regulatory domains.' Ms Falk said.

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