ASIC sues FIIG Securities over cybersecurity | Australian Markets
The Australian Securities and Investments Fee has introduced it’s suing FIIG Securities over alleged cybersecurity failures.
The regulator has introduced that it has taken motion within the Federal Court docket alleging that FIIG didn’t have sufficient cybersecurity measures for more than 4 years – one thing which allowed the theft of roughly 385 gigabites of confidential knowledge with some 18,000 shoppers affected.
ASIC stated it alleging that from March 2019 to eight June 2023, FIIG didn’t take the suitable steps, as is required by an Australian Monetary Companies (AFS) licensee, to make sure it had sufficient cyber risk management systems in place.
FIIG’s cybersecurity failures enabled a hacker to enter its IT community and go undetected from 19 Could 2023 till 8 June 2023, ensuing within the theft of personal data and subsequent release of shopper knowledge on the darkish web.
The stolen knowledge included extremely delicate buyer data, together with names, addresses, delivery dates, driver’s licences, passports, bank accounts and tax file numbers.
FIIG suggested ASIC that it was contacted by the Australian Indicators Directorate’s Australian Cyber Safety Centre (ASD’s ACSC) about a potential cybersecurity incident on 2 June 2023. FIIG was not conscious the incident occurred earlier than this contact.
FIIG didn’t examine and reply to the incident till 8 June 2023, nearly a week after it had been notified of potential malicious exercise by the ASD’s ACSC.
ASIC Chair Joe Longo stated, ‘This matter ought to function a wake-up call to all firms on the risks of neglecting your cybersecurity systems.
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