The Australian Securities and Investments Commission (ASIC) has initiated legal proceedings against fixed-income broker FIIG Securities, alleging the firm failed to implement adequate cybersecurity measures over four years, leading to a significant data breach. The breach, which occurred between May 19 and June 8, 2023, resulted in the theft of around 385 gigabytes of confidential data, affecting approximately 18,000 clients. ASIC chair Joe Longo said: “Advancing digital safety and resilience is a strategic priority for ASIC,” as he highlighted the importance of cybersecurity in the financial sector. The allegations include insufficient software updates and inadequate resources to prevent cyberattacks. During this period, banking giant JPMorgan managed assets for FIIG valued between A$2.89bn and A$3.7bn.
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