"The recent outcome in ASIC's action against an AFSL Group has sent a clear message to Australian Financial Services Licence (AFSL) holders: cyber resilience is no longer viewed as a technology issue. It is a core licensing obligation and a board-level responsibility.

Importantly, this comes on the back of ASIC's earlier open letter to AFSLs - ASIC has reinforced that cyber resilience obligations are not dependent on whether an organisation suffers a successful cyberattack. Regulators expect AFSLs to demonstrate that cyber risk governance, controls, resources and oversight are proportionate to the size, nature and complexity of their business.

For AFSL directors, responsible managers and executive teams, several questions now deserve immediate attention:

  • Can your board demonstrate active cyber oversight?

  • Are cyber risks incorporated into your organisation's risk management framework?

  • Is cyber effectiveness independently assessed and evidenced?

  • Are authorised representatives adequately monitored and supported?

  • Does your organisation have access to appropriate cyber expertise?

  • Can management demonstrate compliance with ASIC expectations if challenged?

The regulatory trend is unmistakable. Cyber resilience is being treated as a conduct issue, a governance issue and a licence obligation, not simply an IT function. AFSLs that continue to rely on informal processes, generic assessments or untested controls may find themselves exposed to both cyber threats and regulatory scrutiny.


How ViCyber can help

ViCyber is Australia's purpose-built cyber resilience platform for AFSLs. Their solution helps licensees translate regulatory expectations into practical action through governance frameworks, cyber maturity assessments, monitoring, assurance, training, risk management and cyber insurance support.