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The Australian Securities and Investments Commission (ASIC) has launched a survey to examine how Australia’s corporate and financial market would stand against cyber threats and attacks.
ASIC-regulated entities, including publicly listed companies, have been invited to participate in the ASIC cyber pulse survey, which will measure entities’ current cyber security and controls, governance arrangements, and incident preparedness.
After the survey, which the regulatory agency touted will be “one of the largest” conducted into Australia’s cyber resilience, participants who have opted to receive an individual report will gain valuable insights into their own assessment of cyber resilience capabilities, providing comparisons to industry peers.
Notably, participation in the survey is voluntary, with all responses collected to be de-identified and anonymised. Additionally, responses collected from the survey cannot be used in any regulatory or enforcement action.
ASIC’s executive director for markets, Greg Yanco, said recent high-profile cyber attacks demonstrate the need for all businesses to have robust cyber capabilities.
“Cyber attacks are becoming more frequent and complex and are not limited to companies with large retail customer bases,” he added.
The Australian Cyber Security Centre (ACSC) estimated cyber crime cost Australia $42 billion in 2021.
In its third annual Cyber Threat Report released last November, the cyber security watchdog revealed it has received more than 76,000 reports of cyber crime in the 2021 to 2022 financial year — an increase of nearly 13 per cent from the previous financial year.
Notably, reports of massive cyber attacks across different industries also filled headlines in 2022, affecting millions of Australians. In November, Harcourts confirmed that a Melbourne City franchisee’s rental property database has been compromised by an unauthorised third-party access on 24 October 2022.
Notably, cyber attacks on major players in other industries have also had a ripple effect on the real estate sector. The cyber hacks that hit telecommunications company Optus and Medibank in October have prompted the government to fortify its data protection policies.
“Cyber attacks can disrupt an organisation’s business operations and result in financial, legal, and reputational harm. The interconnectedness of our financial system can mean the impact of cyber attacks can spread well beyond a single entity.
“This self-assessment will provide valuable insights to entities on their own cyber resilience measures compared to their industry peers,” Mr Yanco stated.
To participate in the survey, ASIC-regulated entities can log into the ASIC Regulatory Portal. Key findings from the survey will be published by ASIC in a report later this year.
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