The Australian Cyber Security Centre (ACSC) recently issued an alert supporting Australian organisations adopting an enhanced cyber security position to improve their cyber security resilience in the current “heightened threat environment”. 

ASIC is encouraging all ASIC regulated entities to adopt an enhanced cyber security posture as a matter of priority. This includes 

  • reviewing and enhancing detection, mitigation, and response measures; 
  • ensuring that logging and detection systems are fully updated and functioning and applying additional monitoring of networks where required; and 
  • Assessing preparedness to respond to any cyber security incidents, including reviewing incident response and business continuity plans. 

ASIC expects all boards, senior management, licensees and other regulated entities to pay heightened attention to their entity’s exposure to the environment and progress on timely mitigation.  

Boards, senior management, licensees and regulated entities should also consider where they have an obligation to report breaches to ASIC or other government agencies (including the ACSC and the Office of the Australian Information Commissioner (OAIC)), and also where disclosure to the market or in financial reports may be necessary. 

Please refer to the ACSC website for further details and consider subscribing to receive their advisories and alerts to keep up to date with current developments.  

The ACSC website is a useful resource for Australian businesses containing useful tips, guides and assessment tools. 

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