Featured Product

    APRA Updates Guidance on Managing Information Security Risks

    June 25, 2019

    APRA released an updated Prudential Practice Guide CPG 234 on managing information security risks, including cyber-crime. APRA also published its response to submissions on the draft CPG 234 Information Security, the consultation for which was launched in March 2019. The updated CPG 234 will assist APRA-regulated entities to embed and comply with the requirements of the new cross-industry prudential standard CPS 234 Information Security, which was release in November 2018 and applies to all APRA-regulated entities from July 01, 2019.

    APRA, in March 2019, had proposed to update the cross-industry Prudential Practice Guide CPG 234 Management of Security Risk in Information and Information Technology, which is being renamed as the Prudential Practice Guide CPG 234 Information Security. APRA made a number of minor changes to CPG 234 as part of the final review process. The guide is aimed at boards and senior management as well as risk and information technology experts in regulated entities. It outlines how entities can maintain information security capabilities commensurate with the size and complexity of their business and the sensitivity of the data they possess. It also explains how entities can optimize their resilience when aspects of their information security are managed by third parties. The guide also sets out key information a board could consider in relation to its responsibilities under CPS 234. 

    CPS 234 is expected to shore up APRA-regulated entities’ resilience against information security incidents (including cyber-attacks) and their ability to respond swiftly and effectively in the event of a breach. The APRA letter states that, with the July 01 start date for CPS 234 imminent, it is important that all APRA-regulated entities have assessed their level of compliance with the standard and taken appropriate steps to address any gaps. APRA recognizes that the new information security requirements materially raise the bar across the industry and will take time to be fully effective. If an entity assesses that it will not be able to fully comply with the new standard from July 01, it should immediately contact its APRA supervisor.

     

    Related Links

    Keywords: Asia Pacific, Australia, Banking, Insurance, CPG 234, CPS 234, Information Security, Prudential Practice Guide, Cyber Risk, Operational Risk, APRA

    Related Articles
    News

    BIS Innovation Hub Sets Out Work Program for 2021

    BIS Innovation Hub published the work program for 2021, with focus on suptech and regtech, next-generation financial market infrastructure, central bank digital currencies, open finance, green finance, and cyber security.

    January 22, 2021 WebPage Regulatory News
    News

    EC Plans to Consult on Crisis Management and EDIS Framework Revisions

    In an article published by SRB, Mairead McGuinness, the European Commissioner for Financial Services, Financial Stability, and Capital Markets Union, discussed the progress and next steps toward completion of the Banking Union.

    January 21, 2021 WebPage Regulatory News
    News

    EBA Finalizes Remuneration Standards for Investment Firms in EU

    EBA finalized the two sets of draft regulatory technical standards on the identification of material risk-takers and on the classes of instruments used for remuneration under the Investment Firms Directive (IFD).

    January 21, 2021 WebPage Regulatory News
    News

    ECA Recommends Actions to Enhance Resolution Planning for Banks

    EC published, in the Official Journal of the European Union, a notification that the European Court of Auditors (ECA) has published a special report on resolution planning in the Single Resolution Mechanism.

    January 20, 2021 WebPage Regulatory News
    News

    BoE Publishes Key Elements of the 2021 Stress Testing for Banks in UK

    BoE published a scenario against which it will be stress testing banks in 2021, in addition to setting out the key elements of the 2021 stress test, guidance on the 2021 stress test, and the variable paths for the 2021 stress test.

    January 20, 2021 WebPage Regulatory News
    News

    PRA Proposes Rules on Identity Verification of Depositor Protection

    PRA published a consultation paper (CP3/21) proposes rules regarding the timing of identity verification required for eligibility of depositor protection under the Financial Services Compensation Scheme (FSCS).

    January 20, 2021 WebPage Regulatory News
    News

    FSB Publishes Work Program for 2021

    FSB published the work program for 2021, which reflects a strategic shift in priorities in the COVID-19 environment.

    January 20, 2021 WebPage Regulatory News
    News

    FCA Issues Update on Move to New Data Collection Platform

    FCA announced that 50% firms have started using the new data collection platform RegData, which is slated to replace the existing platform known Gabriel.

    January 20, 2021 WebPage Regulatory News
    News

    Bundesbank Publishes Derivation Rules for Reporting by Banks

    Bundesbank published Version 5.0 of the derivation rules for completeness check at the form level, with respect to the data quality of the European harmonized reporting system.

    January 19, 2021 WebPage Regulatory News
    News

    FED Revises Capital Planning and Stress Testing Requirements for Banks

    FED finalized a rule that updates capital planning requirements to reflect the new framework from 2019 that sorts large banks into categories, with requirements that are tailored to the risks of each category.

    January 19, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 6488