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The consumer data right presents a crucial opportunity to help streamline the advice process, but this simplification comes with potential dangers, and it is incumbent upon advice practices to make sure their risk management systems are adequate.
AustraliaFraser-jackPeter-ornsbyProfessional-plannerLicensees on alert over ASIC cyber test case
Licensees on alert over ASIC cyber test case
An important test case around ASIC’s cyber resilience rules could be a wake-up call for licensees who have deprioritised practice security in favour of more immediate compliance concerns, according to an insurtech group.
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Cyber Indemnity Solutions national marketing executive financial services, Fraser Jack, told ifa the regulator’s case against IOOF-owned dealer group RI Advice had exposed similar weaknesses in many licensees’ cyber security policies and audit processes.
“The [cyber resilience] the framework you need to put in place has been there for a long time – ASIC put out its first report on this in 2015 – but the biggest issue they’ve seen is no one is taking the reasonable steps that ASIC is expecting you to take,” Mr Jack said.
Fraser-jackSarah-kendellCyber-indemnity-solutionsFederal-courtCorporations-actLicenseesAlertAsicCyberTestCaseஃப்ரேசர்-பலா