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Ignore Cyber Protection – Pay the Price: Australian Securities and Investments Commission v RI Advice Group Pty Ltd [2022] FCA 496

It has happened: a company that failed to implement proper cyber security measures in Australia has been taken to court by the regulators, with the company ordered to pay costs of $750,000.

In the matter of the Australian Securities and Investments Commission v RI Advice Group Pty Ltd [2022] FCA 496, the Court found that a financial services provider had breached its licence obligations, and failed to act efficiently or fairly by not having in place adequate risk management systems to cater for risks arising in relation to cyber security.


The importance of maintaining corporate records with ASIC: Energy Resources of Australia Limited [2022] FCA 176

The Federal Court of Australia’s recent judgment in the matter of Energy Resources of Australia Limited [2022] FCA 176 demonstrates the risks to resigning company directors when they, or the company, fail to notify ASIC of their resignation in a timely manner – as well as the consequent time, effort and costs needed to rectify these failures.

The decision is also a reminder that retiring directors wishing to avoid personal responsibility for a company’s conduct need to notify ASIC promptly and effectively.


Readers may recall a short article that was published in our Corporate and Commercial newsletter on Cyber Security which drew attention to the steps that can be taken in order to assist in the prevention of cyber-attacks (please click here to read this article). Further to that article, ASIC has recently published a report on cyber resilience which is intended to help regulated organisations improve their ability to prepare and respond to cyber-attacks.


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