Analyses & Studies

The practical side of complying with CPS 234

The Australian Prudential Regulation Authority’s (APRA) Cross-Industry Prudential Standard (CPS) 234 aims to improve resilience against security incidents.

Organisations are increasingly concerned about their cyber security and reputational risk. This is not only caused by the increasing number and complexity of attacks that they face. It is a consequence of having their data reside in multiple sites beyond the organisational perimeter, including mobile devices, third party servers and cloud services. Securing information in this diverse environment is challenging; making security incidents almost inevitable.

The Australian Prudential Regulation Authority’s (APRA) Cross-Industry Prudential Standard (CPS) 234 aims to improve resilience against security incidents. CPS 234 commenced on 1 July 2019, although where an APRA-regulated entity’s information assets are managed by a third party, the requirements will apply on 1 July 2020 (or the renewal date of the contract if it falls before then).

Although CPS 234 has now come into effect, it appears many organisations are still trying to get to grips with what is required of them, and how to implement security improvements. At Pitcher Partners Melbourne’s recent executive luncheon, experienced CTOs, business leaders and board members discussed how organisations can take steps to show they are on track to comply with CPS 234, and improve their data security.

For further information, please see the full article issued by our Patron member Pitcher Partners.

Source :  http://www.pitcher.com.au/news/practical-side-complying-cps-234/