ARTICLE · 01 MARCH 2023

Cybersecurity warning for businesses in court decision

Stacks Law Firm

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The law requires companies to respond to the ever-developing technology involved in cyber risk management.

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Businesses have been warned to step up their cybersecurity after a financial services provider was found guilty of failing to address cyber threats and having inadequate cyber resilience risk management controls.

Court finds RI Advice Group contravened cybersecurity requirements

In Australian Securities and Investments Commission v RI Advice Group Pty Ltd [2022] FCA 496, the Federal Court ruled that RI Advice Group had contravened cybersecurity requirements under the Corporations Act 2001. The company was required to pay $750,000 in legal costs to the financial regulator, the Australian Securities & Investments Commission (ASIC).

The company will also have to take steps to ensure it complies with laws to provide adequate cybersecurity to fulfil its licence obligations to act efficiently and fairly.

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