Why Australian Financial Services Licensees absolutely MUST prioritise cyber-resilience

12-18 November is Fraud Awareness Week, and once again, cyber-resilience is a hot topic. As a licensee, do you wonder what you legally have to do? Before we tell you, let's start, as Simon Sinek recommends, with Why...

In one weekend earlier this year, the world was subject to an "unprecedented" cyber-attack which is reported to have affected approximately 200,000 users in 150 countries. The "WannaCry" attack combined ransomware with a worm virus and spread quickly. Victim's systems were locked down and, unless they had appropriate safeguards in place, and backups, they had no access to information until a ransom was paid. In the meantime, the virus continued to spread through networks.