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ARTICLE · 06 MAY 2020

Obligations under CPS 234 and its trickle-down effect

Gilchrist Connell
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Obligations imposed by CPS 234 on regulated entities, the trickle down effect & the road ahead.

AustraliaTechnology
Nitesh Patel
Nitesh Patel
Katrina Sweet
Katrina Sweet
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The fast-tracked development and commencement of APRA Prudential Standard CPS 234 on 1 July 2019 has been widely viewed as a step in the right direction given the extent of the threat posed by cyber risk.

CPS 234 builds upon previous prudential standards and outlines minimum requirements for APRA-regulated entities for the management of information security, with the aim of ensuring regulated entities have sufficient security measures in place having regard to the criticality and sensitivity of information they hold. In short, it imposes greater cyber security obligations on regulated entities. A knock-on effect of this, which is arguably a more significant development, is that regulated entities are now seeking to impose obligations on third parties across their supply chain.

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