The Australian Prudential Regulation Authority (APRA) has warned the entities it regulates, including superannuation funds, to expect to experience significant cyber security incidents.
The regulator has used its latest Insights publication to reveal that just over half of all the entities it surveyed made up of 20 regulated entities and one service provider, had experienced at least one cyber security incident in the previous 12 months.
Further, it said that those incidents were sufficiently serious to warrant executive management involvement.
However, it said that while the cyber threats had had the potential to cause a material impact, they appeared to have been well managed through a combination of effective monitoring and response activities, often supplemented by the use of external expertise.
“The incidents reported highlight the evolving range of threats and the importance of diligence in maintaining defences commensurate with the threat landscape,” the APRA document said.
