ASX, Chi-X pass ASIC cyber resilience assessment

ASX and Chi-X have passed an assessment by regulator ASIC into the cyber resilience of their financial market infrastructure.

ASIC’s cyber resilience assessment report for the two exchanges has found that ASX and Chi-X have to date met their statutory obligations to have sufficient resources to manage cyber resilience.

The regulator has used the review as an opportunity to highlight emerging good practices being implemented by other organisations within the financial sector.

In general, the review identified consistent and encouraging practices in the assessed organisations, the report states. But it finds that a consistent, industry-wide approach is required to address developing threats.

The report accordingly calls on the wider financial services sector to recognise the growing threat posed by cybercrime, and to refine their systems and processes to prevent and address critical issues.

Recommendations include the development of collaboration and information sharing networks to disseminate emerging threats, ensuring board engagement with security issues, and the implementation of ongoing cyber awareness training programs.

The central role financial market infrastructure providers play in the Australian economy ensures that the cyber resilience of this infrastructure is of critical importance, ASIC Commissioner Cathie Armour said.

“Because of the dynamic nature of the cyber threat landscape, a comprehensive and long-term commitment to cyber resilience is essential to assist all organisations and the Australian economy to manage this threat,” she said.

Image courtesy of Oliver Tacke under CC