Licensees 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. A A 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.