From hallandwilcox.com.au: ASIC’s review of Australian financial services licensees revealed significant shortcomings in compliance with the breach reporting regime, including slow reporting times and gaps in monitoring processes.

Key findings indicated that licensees took an average of 534 days to report breaches to ASIC and 632 days to complete consumer compensation after a breach occurred.

The review recommends improvements in incident identification, staff training, and the establishment of comprehensive incident registers to enhance compliance and reporting practices.