March 25, 2019

APRA is proposing the cross-industry Prudential Practice Guide 234 Information Security (CPG 234), which will replace the existing CPG 234 Management of Security Risk in Information and Information Technology. Comments are requested by May 17, 2019.

APRA released, in November 2018, a new Prudential Standard CPS 234 Information Security (CPS 234) that applies to all APRA-regulated entities from July 01, 2019. When releasing CPS 234, APRA noted that it would consult on an updated CPG 234. The CPG 234 is designed to assist regulated entities in complying with CPS 234 on an ongoing basis and conveys observations of APRA on what constitutes good practice in information security. The key matters covered in the updated draft CPG 234 include the following:

  • Guidance on information asset identification and classification
  • Details to assist APRA-regulated entities when notifying APRA of information security incidents and information control weaknesses, as required under CPS 234
  • Various matters for which APRA, through its ongoing supervision, has identified deficiencies in the practices of regulated entities

The guide is aimed at boards and senior management as well as risk and information technology experts within 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.

 

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Comment Due Date: May 17, 2019

Keywords: Asia Pacific, Australia, Banking, Insurance, CPS 234, CPG 234, Information Security, APRA