From www.claytonutz.com: ASIC has initiated legal action against FIIG Securities for alleged cybersecurity failures that led to the theft of 385GB of confidential data, highlighting the importance of compliance with section 912A of the Corporations Act 2001.

The enforcement action is part of ASIC’s broader focus on enhancing risk management and cybersecurity standards among financial service providers.

This includes the maintenance of adequate cybersecurity measures, incident response plans and regular software updates.