Australian banks were urged by regulators to bolster their defenses against cyberattacks

Australian banks were urged by regulators

The Australian Prudential Regulation Authority’s John Lonsdale stated that the most recent reviews revealed insufficient board oversight and a “lack of rigor” in the nature and frequency of security control testing. Earlier this week, the head of Australia’s banking regulator stated that financial institutions needed to be more resistant to cyberattacks.

John added in his speech at the AFR Banking Summit that “entities have more work to do” and “there is a need to continuously raise the bar on cyber preparedness and resilience across banking, insurance, and superannuation.” “APRA is prepared to wield the stick and take enforcement action if necessary,” he added.

Eight million driver’s license details and 50,000 passport numbers were stolen, according to Latitude Financial. John’s comments surfaced as high-profile data thefts increased in Australia. The issue of whether the businesses are ready to withstand the cyberattacks was brought up.

Lonsdale emphasized that the Australian banking system is reliable and strong, and he added that it exceeds the minimal requirements established by other nations. He said that APRA is spending sufficient time examining what went wrong with SVB and Credit Suisse Group AG, through which Australia can learn from their mistakes.

The top 10 banks in Australia, according to Lonsdale, passed the rigorous stress test administered by APRA. The purpose of the test was to determine how the bank would respond in the event of a recession in which house prices drop nationwide by 43% over the course of three years and the offshore funding market is temporarily closed.

- Published By Team Australia News

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