Data Breach Update To Australian Securities Exchange Guidance On Continuous Disclosure Listing Rules

In Short

The Situation: The Australian Securities Exchange ("ASX") has published new data breach examples in an update to its continuous disclosure Guidance Note, effective from 27 May 2024 ("Data Breach Examples").

The Result: The Data Breach Examples identify whether a number of hypothetical data breach scenarios will be considered market sensitive information, or whether the information may fall within the exceptions from the continuous disclosure rules ("Listing Rule 3.1A").

Looking Ahead: The new guidance will be welcomed by ASX listed entities, in circumstances where there is greater market scrutiny on how those entities respond to cybersecurity incidents. Additionally, new reforms have been foreshadowed to the Australian Privacy Act that will likely impose stricter reporting and disclosure obligations on entities the subject of a data breach.