From hallandwilcox.com.au: In March 2025, ASIC began legal proceedings against FIIG Securities Limited for alleged failures in cybersecurity measures that contributed to a data theft incident in May 2023, which resulted in the loss of approximately 385GB of confidential client information.

ASIC claims that FIIG violated several sections of the Corporations Act by failing to implement necessary cybersecurity protocols and seeks declarations, a pecuniary penalty, and a compliance review from the Court.

This case demonstrates ASIC’s expectation that AFSL holders maintain robust cybersecurity frameworks to fulfill their legal obligations and protect consumer interests.