Focus: New APRA prudential standard raises bar for information security obligations and incident notification requirements

As companies and regulators across the world grapple with ever-increasing cyber security threats, Australia's financial services regulator, APRA, has released the final form of a new prudential standard. It will require APRA-regulated entities to establish and maintain information security controls to protect customer data, and to notify APRA of information security incidents that have, or may have, a material effect on customers' interests. This will have significant implications both for regulated entities and for their boards of directors. Partners Gavin Smith and Simun Soljo and Lawyer James Higgins report.

from Allens Banking & Finance publications http://www.allens.com.au/pubs/fsr/fofsr15nov18.htm