The Australian Prudential Regulation Authority has asked the financial sector to be vigilant in its efforts to lessen the risk to cyberattacks, WA Today reports. To tackle the growing threat of cyberattacks, the APRA introduced new standards for APRA-regulated entities to abide by, including regular testing of security systems, having clearly defined information security roles in place, and implementation of security controls to properly protect information assets. In a speech, APRA Executive Board Member Geoff Summerhayes said, “Regrettably, cyber crime is an expanding industry; it’s lucrative, perpetrators enjoy low barriers to entry and face little to no prospect of prosecution. Though governments and organisations are continually investing in their cyber security capabilities, criminals are also adapting and innovating their tradecraft to seek out new vulnerabilities and attack methods.”
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