Addressing increasing cyber threats in Australian financial services In the face of rising cybercrime rates and increasingly sophisticated criminal attacks, some of the world’s largest brands, including those in Australia, have fallen victim to major data breaches in recent years. Recognizing the need to strengthen cyber resilience in the financial…
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APRA takes action against Medibank
Following the recent major cyber incidents The Australian Prudential and Regulation Authority (APRA) has announced that it will be acting against Medibank Private following a review of a major cyber incident that occurred in October 2022. The action comes after APRA examined the incident and identified weaknesses in Medibank’s information…
Read MoreNew and novel risks are constantly emerging for the financial industry
Wayne Byres, Chairman APRA discusses how financial promises made by the institutions that APRA supervises are met within a stable, efficient, and competitive financial system to Parliament. As the prudential supervisor of the financial services industry, APRA currently supervises around 2000 institutions across authorised deposit-taking institutions (banks, credit unions and…
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