Featured Product

    APRA Consults on First Prudential Standard for Tackling Cyber Attacks

    March 07, 2018

    APRA has responded to the growing threat of cyber attacks by proposing its first prudential standard on information security, known as CPS 234. APRA released a package of measures, titled “Information Security Management: A new cross-industry prudential standard,” for industry consultation. The package is aimed at shoring up the ability of APRA-regulated entities to repel cyber adversaries, or respond swiftly and effectively in the event of a breach. Comment period is open until June 07, 2018.

    Key areas where APRA is hoping to lift standards include assurance over the cyber capabilities of third parties such as service providers and enhancing entities’ ability to respond to, and recover from, cyber incidents. APRA proposes to apply this standard authorized deposit-taking institutions, general insurers, life insurers, private health insurers, licensees of registrable superannuation entities (RSE licensees), and authorized or registered non-operating holding companies. APRA intends to finalize the proposed standard toward the end of the year, with a view to implementing CPS 234 from July 01 next year. The proposed new standard, CPS 234, would require regulated entities to:

    • Clearly define the information security-related roles and responsibilities of the board, senior management, governing bodies, and individuals
    • Maintain information security capability commensurate with the size and extent of threats to information assets and which enables the continued sound operation of the entity
    • Implement information security controls to protect its information assets and undertake systematic testing and assurance regarding the effectiveness of those controls
    • Have robust mechanisms in place to detect and respond to information security incidents in a timely manner
    • Notify APRA of material information security incidents

     

    Related Links

    Comment Due Date: June 07, 2018

    Keywords: Asia Pacific, Australia, Banking, Insurance, CPS 234, Cyber Risk, Prudential Standard, APRA

    Related Articles
    News

    EBA Analyzes Impact of Unwind Mechanism of Liquidity Coverage Ratio

    EBA published a report analyzing the impact of the unwind mechanism of the liquidity coverage ratio (LCR) for a sample of European banks over a three-year period, from the end of 2016 to the first quarter of 2020.

    November 19, 2020 WebPage Regulatory News
    News

    ECB Outlines Views on Possible Changes to AnaCredit Rule and TLTROs

    In response to questions from a member of the European Parliament, the ECB President Christine Lagarde issued a letter clarifying the possibility of amending the AnaCredit Regulation and making targeted longer-term refinancing operations (TLTROs) dependent on the climate-related impact of bank loans.

    November 19, 2020 WebPage Regulatory News
    News

    IASB Begins First Phase of Post-Implementation Review of IFRS 9

    IASB started the post-implementation review of the classification and measurement requirements in IFRS 9 on financial instruments and added the review as a project to its work plan.

    November 18, 2020 WebPage Regulatory News
    News

    FSB Report Examines Progress in Resolvability of Systemic Institutions

    FSB published a report that examines progress in implementing policy measures to enhance the resolvability of systemically important financial institutions.

    November 18, 2020 WebPage Regulatory News
    News

    EBA Benchmarks National Insolvency Frameworks Across EU

    EBA published a report on the benchmarking of national loan enforcement frameworks across 27 EU member states, in response to the call for advice from EC.

    November 18, 2020 WebPage Regulatory News
    News

    FSB Reports Assess Impact of Pandemic on Financial Stability

    FSB published a letter from its Chair Randal K. Quarles, along with two reports exploring various aspects of the market turmoil resulting from the COVID-19 event.

    November 17, 2020 WebPage Regulatory News
    News

    RBNZ Consults on Implementation of Capital Review Changes

    RBNZ launched a consultation on the details for implementing the final Capital Review decisions announced in December 2019.

    November 17, 2020 WebPage Regulatory News
    News

    IASB Announces Andreas Barckow as the New Chair from July 2021

    The Trustees of the IFRS Foundation, which are responsible for the governance and oversight of IASB, have announced the appointment of Dr. Andreas Barckow as the IASB Chair, effective July 2021.

    November 17, 2020 WebPage Regulatory News
    News

    HKMA Consults on Capital Rules for Bank Equity Investments in Funds

    HKMA issued a letter to consult the banking industry on a full set of proposed draft amendments to the Banking (Capital) Rules for implementing the Basel standard on capital requirements for banks’ equity investments in funds in Hong Kong.

    November 17, 2020 WebPage Regulatory News
    News

    ESRB Supports Extension of Macro-Prudential Measure by Swedish FSA

    ESRB published an opinion assessing the decision of Swedish Financial Supervisory Authority (FSA) to extend the application period of a stricter measure for residential mortgage lending, in accordance with Article 458 of the Capital Requirements Regulation (CRR).

    November 17, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 6153