Major cyber attack could destroy businesses: APRA

guest · Nov 7, 2019

Major cyber attack could destroy businesses: APRA
November 7, 2019
https://www.afr.com/companies/finan...could-destroy-businesses-apra-20191107-p538ee

The prudential regulator has warned businesses not to be complacent about cyber security, saying a major attack had the potential to put banks, insurers and super funds out of business.

The Australian Prudential Regulation Authority revealed on Thursday it had received just 36 breach notifications in the first four months of a new cyber security reporting regime.
The "CPS 234" regime, launched on July 1, requires APRA-regulated entities to notify the regulator of any material cyber-security breach.

He said the notifications had come from "the full spectrum of regulated entities, insurers, banks and super funds, both large and small".

"We’ve warned repeatedly that it’s only a matter of time until an Australian bank, insurer or superannuation licensee suffers a significant breach that, in a worst-case scenario, could force it out of business.
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