ASIC just dropped a hard line—and FIIG’s cyber slip has landed them in a JAM.
(Not the good kind with tunes and Friday drinks… we’re talking Judgement, Audit & Money.)
What happened?
ASIC alleges that FIIG, an AFSL holder, failed to implement basic cyber security protections, including:
- No approved cyber incident response plan
- No privileged access management
- No skilled staff monitoring security event logs
- No regular patching or software updates
- No multi-factor authentication for remote access
- No mandatory cyber awareness training for staff
ASIC’s message is clear:
If you’re holding an AFSL, cyber risk management isn’t just good hygiene—it’s your legal duty under Section 912A of the Corporations Act.
And this time, they’re chasing civil penalties—not just guidance.
Here’s the kicker:
These aren’t high-tech failures. They’re basic lapses.
And if your system touches client data, particularly PII, the pressure isn’t just coming from ASIC.
AUSTRAC, OAIC, and even your cyber insurer are watching.
Cyber security, Customer Due Diligence (CDD), and Ongoing CDD (OCDD) are no longer compliance checkboxes—they’re evidence of efficiency, honesty, and fairness in how you operate.
What can you do?
One Click Services provides secure APIs that let you embed CDD and OCDD natively into your system—
reducing the ire of ASIC, AUSTRAC, and every other A-word regulator looking over your shoulder.
Need something faster?
One Click Verify is a $5, off-the-shelf CDD solution built for speed and compliance.
It gives you Safe Harbour by design—and leaves you audit-ready by default.
“Cyber security isn’t a set and forget matter.” – Joe Longo, ASIC Chair
Neither is CDD.
So ask yourself:
If a breach happens tomorrow, can you show ASIC and AUSTRAC you did everything required—and more?
Can you provide training records, access logs, incident playbooks, and real-time verification reports?
If not, the best time to start was last year.
The second-best time is now.
DM me if you want to see how fast and compliant you can be.
#FIIGJAM #CyberCompliance #AFSL #AUSTRAC #CDD #OCDD #OneClickServices #OneClickVerify #SafeHarbourByDesign #RegTech #CallItWithKerr #CyberRisk
Read the full story here:
ASIC sues FIIG Securities for systemic and prolonged cybersecurity failures | ASIC