ASIC Urges Businesses to Prioritise Cyber Security
In November 2023, ASIC released a report highlighting significant gaps in cyber security across businesses. The findings revealed that many companies are reactive rather than proactive in managing their cyber security risks, particularly in critical cyber capabilities. Recognising the urgency of this issue, ASIC has made it clear that one of its top enforcement priorities for 2025 will be addressing licensee failures to implement adequate cyber security protections.
Cyber Security Statistics in Australia
- In the 2023-24 financial year, the Australian Signals Directorate (ASD) responded to over 76,000 cyber security incidents1.
- Cybercrime reports increased by 13% compared to the previous year1.
- Approximately 57% of cyber incidents reported by critical infrastructure entities involved compromised accounts or credentials, compromised assets, networks, or infrastructure, and denial of service attacks2.
- The average cost of a cyber security incident for Australian businesses was estimated to be $276,0001.
Introducing The Cyber Uplift AFSL Program
We aim to enhance our cybersecurity position and assist you in staying vigilant with regulatory requirements. We are excited to announce our collaboration with Fraser Jack from The Cyber Collective and endorsement of The Cyber Uplift AFSL Program 2025. We strongly recommend that all Australian Financial Services Licensees (AFSLs) and Corporate Authorised Representatives (CARs) enrol in this program as soon as possible. With ASIC expected to be vigilant this year, licensees must ensure their cyber security measures are robust and compliant.
Join Us Today
Please don’t wait until it’s too late. Click here to express your interest in joining The Cyber Uplift AFSL Program 2025 today. To find out more fraser.jack@thecybercollective.com.au or 0414 666 568 or download.
1: Cyber.gov.au, Annual Cyber Threat Report 2023-2024 2: Cyber.gov.au, Australian Signals Directorate releases 2023 ASD Cyber Threat Report
