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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 Staff Training and Cyber Security Vigilance

In a recent article, Holman Webb highlighted the importance of the Essential Eight mitigation strategies recommended by the Australian Cyber Security Centre (ACSC) which, if implemented, minimises the chance of an organisation falling victim to a cyber-attack.

With this in mind, we thought it timely to remind readers of the importance of staff training and cyber-security vigilance.


Cyber Security: The Essential Eight Strategies to Protect Your Business

Readers will recall from an article Holman Webb published back in 2018 that the Australian Cybersecurity Centre recommended eight best-practice mitigation strategies (the 'Essential Eight') that organisations should implement as a baseline defence against targeted cyber intrusions, ransomware and malicious insiders.

These strategies may seem relatively straightforward to those working within the IT industry, but the failure of organisations to implement the strategies (including government instrumentalities) has moved the Australian government to consider mandating the implementation of the Essential Eight controls, and requiring all public service entities to implement them forthwith.


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