Banking regulator warns major cyber breaches are 'probably inevitable' | SMH
Cybercrime is a growing industry and the finance sector is regarded a key target. Despite the growing threat and inevitability of an attack, APRA says there are still financial institutions that have not tested how they would cope with a cyber attack.
In response to the growing threat of a cyber attack, APRA on Wednesday released its first prudential standard on information security (still in draft format), which will set minimum standards for how the sector handles cyber risks.
Institutions will be required to undertake regular testing of their cyber defences, have robust systems in place to detect threats, and set out which senior staff are responsible for cyber security. The discussion paper can be found here.
"Implementing legally binding minimum standards on information security is aimed at increasing the safety of the data Australians entrust to their financial institutions and enhance overall system stability," Mr Summerhayes said.