Australia

Cybersecurity

Medibank Customers Face Continued Threat of Data Leaks

By Manesh Samtani | 17/11/2022

Medibank refused to pay a $10m ransom to hackers, who have since released information linking individuals to drug addiction, alcohol abuse, abortions and mental health treatment.

Supervision & Enforcement

RBNZ Proposes More Intensive Approach to Supervising Insurers

By Sanday Chongo Kabange | 17/11/2022

The RBNZ is consulting on governance, risk management, accountability for key officers, supervisory oversight, and data disclosures.

Clearing & Post-Trade

ASX Pauses CHESS Replacement Project to Reassess Design

By Manesh Samtani | 17/11/2022

ASX will write off about A$250mn in capitalised software, in response to an independent review by Accenture. ASIC and the RBA express disappointment.

Data Privacy

New Zealand Confirms Plans to Roll-out Out Open Banking

By Editors | 16/11/2022

The banking industry will be the first sector in New Zealand to implement a Consumer Data Right mechanism, like in Australia.

Capital Adequacy

APRA Proposes Amendments to Capital Requirements for PPF Providers

By Editors | 16/11/2022

PPF providers are a type of stored value facility provider. The proposed changes are part of a broader review of APS 610.

Operational Risk

APRA to Revise Financial Resources Rules for Super Trustees

By Editors | 16/11/2022

The proposed changes will require trustees to adopt a more sophisticated risk-based approach to the management of operational risk financial resources.

Operational Risk

APRA Proposes Measures to Improve Super Fund Transfer Process

By Editors | 13/11/2022

The measures are proposed in response to the erosion of member benefits that occurs when successor fund transfers are carried out.

Fraud, Scams & Cybercrime

ACCC Calls for Laws Requiring Digital Platforms to Stop Scams

By Editors | 13/11/2022

The ACCC says consumer and competition harms across a range of digital platform services are “widespread, entrenched, and systemic”.

Conduct, Culture & Accountability

APRA Calls for Continued Improvements in Bank Risk Culture

By Editors | 12/11/2022

APRA shares the results of a survey that sought views from employees at 18 ADIs on their risk management practices.