In recent years, Australia’s financial sector has witnessed fallout from a series of severe, high-profile cybersecurity and data breaches. These include a significant cyber-attack last October at health insurer, Medibank, which saw the personal information of nearly ten million users fall into wrong hands, and a data breach in March 2023 at consumer lending business, Latitude Financial, which impacted over 14 million users in the Oceania region.
These events have triggered a desire for greater regulatory oversight, and to this end, the Australian Prudential Regulation Authority Apra is implementing updated CPS 230 Prudential Standards a framework that governs the Australian market and targets effective operational risk management...
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