APRA Regulated Entity
Australian Prudential Regulation Authority (APRA) was established 25 years ago as an independent statutory body that oversees institutions. The role of an APRA-regulated entity is to govern and uphold the safety of financial entities.
Additionally, they safeguard the interests of depositors, policyholders, and members’ superannuation funds and promote system stability by working closely with the Australian Securities and Investments Commissions.
This mandate aims to ensure that APRA-regulated entities effectively handle resilient information security incidents by maintaining information security capabilities that address vulnerabilities and threats.
Small Business owners have key objectives to minimise the impact of information security incidents on the confidentiality, integrity, and availability of the sensitive information they manage.
The third party or small business owners Where an APRA-regulated entity’s information is managed by a third party or small business owners engaged to the authorised deposit-taking institution (ADIs), Level 2 insurance group, Life insurance, private health insurer, RSE licenses, and EFLIC must comply with APRA Standard.
APRA Cyber Compliance Security Measures
robust cybersecurity measures is important and cannot be overstated. CPS 234, cyber compliance a standard introduced by the Australian Prudential Regulation Authority (APRA), is designed to ensure that these entities maintain strong information security frameworks. Adhering to cyber compliance, financial institutions are required to implement comprehensive strategies to protect sensitive data and mitigate cyber threats.
Consequently, the overall resilience of the financial sector is enhanced, safeguarding both the institutions and their customers.
However, Cyber Security consultants can assist your business in attaining Prudential Standard CPS 234 Information Security compliance. CPS234 compliance is based upon a minimum standard of compliance to allow APRA Regulated entities to work within the Australian Financial and Insurance industry.
Principles of Cyber Security
- Physical Security
- Technical Security
- Administrative controls
- Concept of least privilege
- Essential Eight
- NIST Cyber Security Framework
- Application Whitelisting
- Patch management
- Multifactor Authentication
