ASIC broadens its focus on cybersecurity and defective systems

This article was originally published in the July 2022 edition of the LexisNexis Australian Banking and Finance Law Bulletin.

Given heightened concerns about cybersecurity, the Australian Securities and Investments Commission (ASIC) has sought to clarify the law regarding the adequacy of cybersecurity safeguards and the ability to protect consumers.

This article examines the recent decision of ASIC v RI Advice Group Pty Ltd, where ASIC squarely brings this issue to the full attention Australian financial services licence (AFSL) holders in an environment with increased reliance on technology. 

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^{This article was originally co-authored by Felicity Healy.}