What does Prudential Standard CPS 234 mean to your organisation?
The financial sector is one of the more prominent targets for cyber-attacks. It’s the second-largest source of data breaches, having notified OAIC of 42 system breaches, putting it behind only health service providers. And, with the average cost of a data breach in Australia sitting at $2.5 million, incidents can get very expensive.
CPS234 is a direct response to the changing threat landscape and the increased rise of incidents across an array of technologies used by financial services organisations. It builds upon previous prudential standards and ensures your organisation has sufficient security measures in place.
However, your cyber security posture needs considered balancing. Driving better outcomes, such as increased revenue, advocacy and operational efficiency means opening up more applications and workloads to potential risk. Similarly, major stakeholders have great expectations for the watertight protection of the organisation’s information assets. Getting it right is somewhat of a juggling act.
To help you understand your obligations more deeply, we have published a detailed guide covering all components of the CPS234 regulation. It shows how you can meet those obligations and keep your organisation secure. Download the guide now.