Our latest insights

The Security of Critical Infrastructure Risk Management Program Rules (CIRMP) commenced on 17 February 2023 and was signed off by The Minister for Home Affairs the Hon Clare O’Neil MP (the Minister). This marks the beginning of the six-month transition period for responsible entities to adopt a written CIRMP.

You may think that your business is too small to target – too insignificant to warrant the attention of the widely publicised cyber-criminal groups that chase multimillion dollar ransoms. In reality, a large number of criminal groups exist around the world, exploiting the entire spectrum of online activity.

The Australian Federal Government has passed major changes to the Privacy Act 1988 (Cth) in the form of the Privacy Legislation Amendment (Enforcement and Other Measures) Bill 2022. These changes signal a call to action for organisations to review their privacy, security, and information handling practices.

With recent news of significant data breaches at major corporations, there are a number of questions being asked from Boardrooms to kitchen tables all across Australia. Some common questions include, what went wrong? Are we at risk? And how can we protect ourselves from similar events in the future?

In this episode we speak with Matthew Green, Partner and Controls Assurance Specialist and Chris Watson, Partner and previously a Detective in the Computer Crime Unit City of London Police.

One of the most common ways of managing operational risk is through a system of effective internal controls. Control failures however can lead to events as varied as mis-selling, data breaches and underpayments – as such in APRA's Prudential Standard CPS 230 they have strengthened the focus on operational risk management. In this second series of our CPS 230 technical guides we provide an overview of some necessary elements to achieve strong operational risk management and why it is the foundation of operational resilience.

As we watch the ramifications of the recent widespread data breach continue to play out in the media and on the floor of Federal Parliament, I keep reflecting on the requirements of APRA Prudential Standards CPS 234: Information Security and the draft Prudential Standard CPS 230: Operational Risk Management. If ever there was any doubt in the minds of Boards or Management as to why the focus on cyber security and operational resilience, then the current situation brings this into stark focus.

APRA has released draft Prudential Standard CPS 230 Operational Risk Management for comment. CPS 230 will replace CPS 231: Outsourcing and CPS 232: Business Continuity, and the sector specific standards HPS 231, SPS 231 and SPS 232. What is operational resilience? Operational risk management analyses and defines risks associated with people, processes, and systems. Operational resilience defines the approach to managing operational risks.

Since March 2022, existing .au registrants were eligible for the Priority Allocation Process, enabling them to apply for priority status of a direct .au domain name matching their pre-existing domain name. After 20 September 2022, direct .au domain names that have not been registered will be available to the general public.

Following the announcement of the CPS tripartite audits in November 2020, APRA began issuing notices to regulated entities to undergo the independent assessment. The reviews are part of APRA’s four year strategy to increase the rigor of compliance with CPS 234: Information Security.

With the 2022 financial year coming to a close, private health insurers face a number of considerations in regulation and their year-end financial reporting.

APRA’s feedback focuses on ensuring recovery from high-impact cyber-attacks. Boards are encouraged to seek assurance on the entity’s likely ability to recover from a high-impact cyber-attack.