Why should you participate in ASIC’s Cyber Pulse Survey?
It is not often that you get a chance to benchmark your business against the industry and ASIC’s position in a core regulatory risk area (especially for free), yet that is exactly what ASIC’s new Cyber Pulse Survey allows you to do.
ASIC has invited its regulated entities, including publicly listed companies and AFSL holders to participate in a voluntary multiple-choice survey aimed at measuring the current level of cyber resilience in the corporate and financial markets. The ASIC Cyber Pulse Survey is designed to evaluate the current level of cyber security controls, governance arrangements, and preparedness for cyber incidents of regulated entities.
ASIC will publish a report on the survey’s key findings later this year including details of sectoral insights, areas for action, and better practices identified. The intent is that the Department of Home Affairs will leverage insights gained to provide more targeted advice and support and foster enhancement of cyber resilience.
All data collected will be anonymised and cannot be used in any regulatory or enforcement action, so there is no downside to participating. The decision in ASIC v RI Advice Group has wide-reaching implications for AFSL holders, and should prompt many to review their cyber-security arrangements ASAP. The AB Cyber team explains in more detail below.
Why participate?
The key benefit to participating is that participants can opt to receive an individual report on their cyber resilience and how it compares to their industry peers. This is invaluable information that will help to inform your security and regulatory spend priorities while also giving your organisation insight into how other industry participants are approaching cyber security. This can help you to better understand your risks and assess your ability to:
govern and manage the enterprise risks associated with cyber security;
identify and protect critical information assets;
detect, respond to and recover from cyber security incidents.
How do I participate?
You complete the survey in ASIC’s Regulatory Portal - yes this one.
The survey is designed to be completed at the entity-level and not by individual practitioners. ASIC advises that large Group entities complete the survey once for the entire Group entity. It may take the knowledge of several people in your organisation to complete the Survey, but you can save your answers and return to complete the survey using a unique code that will be provided when you save your progress.
The Cyber Pulse Survey closes on Sunday, 9 July 2023.
More information is available at Cyber pulse survey | ASIC
Also, if you want to learn a little more, take a look at our article about the RI Advice judgment - which is a key piece in understanding ASIC’s approach to Cyber and Privacy.
Get in touch
AB has a deep expertise in Cyber and Privacy, and provides a suite of services in this space.
For a discussion on how we might be able to help, reach out to our team!