Basic communication principles in the event of a cyber incident
November 2024 – Cyber incidents continue to affect financial services and in some recent cases it was observed disparities in disclosure approaches. The Australian Signals Directorate published some guidelines in January 2022 which ASIC are redistributing as a reminder for entities to develop communications plans that suit their needs and those of their stakeholders.
ASIC reminds entities, depending on the circumstances, consideration must be given as to whether other relevant regulatory agencies, government departments, or industry bodies must be notified about the cyber incident. Read more here.
APRA publishes new and updated FAQs on capital for ADIs and insurers
14 November 2024 – The Australian Prudential Regulation Authority (APRA) has published a new frequently asked question, updated a further 19 FAQS and made some deletions regarding the measurement of capital for Authorised deposit-taking institution (ADI) and insurers.
The updates include removing duplication of commentary, and updates to general, life and private health insurance. Regulated entities are encouraged to speak to APRA if they have any questions regarding the interpretation of the relevant prudential standards. Read more here.
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