The Australian Securities and Investments Commission (ASIC) revised its guidance on operational and technological resilience for market participants. This update presents new requirements outlined in Chapters 8A and 8B, communicated through a letter, and elaborated in the ASIC Market Integrity Rules (Securities Markets) 2017 and ASIC Market Integrity Rules (Futures Markets) 2017.
This initiative aims to strengthen the robustness of financial market infrastructure and ensure that market participants are equipped to handle disruptions. ASIC has revised its guidance to reflect its strategic focus for 2024–25 on enhancing digital and data resilience. ASIC clarifies expectations and processes to strengthen the integrity of Australia’s financial markets and protect against operational failures. This action demonstrates ASIC’s commitment to ensuring strong market functions and efficient regulatory supervision.
The Australian Securities and Investments Commission (ASIC) recently expanded its operational resilience guidance, significantly impacting cybersecurity in the public sector. Market participants must identify essential business services and quickly communicate significant events, which have extensive consequences for cybersecurity in the public sector. ASIC’s improved guidance strengthens the operational resilience of financial markets.
This focus directly supports public sector organisations involved with these markets, as a stronger financial sector reduces the risk of disruptions that could impact public services and infrastructure. Furthermore, timely communication about significant incidents leads to faster response and mitigation strategies.
This prompt reporting enables swift coordination and intervention, which is essential for safeguarding public sector systems from cascading failures or cyber threats that may arise from market disruptions. The thorough method of identifying and overseeing essential services improves overall cybersecurity efforts. ASIC’s regulations require market participants to record and protect vital services, contributing to the development of more defined procedures for risk management and responses to cyber incidents.
ASIC recently expanded operational resilience guidance, emphasising its essential role in upholding market integrity and ensuring economic stability. The governing authority emphasises the importance of strong market operators and participants in maintaining the integrity of Australia’s securities and futures markets, as well as ensuring the efficient operation of the broader economy. ASIC clearly expresses the following view: “Resilient market operators and market participants are essential to the integrity of our securities and futures markets, as well as the efficient functioning of the economy.”
ASIC shows its commitment to strengthening the market’s robustness. ASIC’s new guidance mandates that market participants identify and protect their essential business services. This strategy aligns with ASIC’s overarching goal to strengthen market operations against interruptions, crucial for maintaining market stability and fostering investor trust.
Public Spectrum is the first knowledge-sharing platform in Australia to embrace the entire public sector. This website is a platform where you can connect, collaborate, empower, inspire, and upskill with public sector professionals.
Today’s Pick
19th Social Media For Gov
October 30, 2024
11th Annual Aus Goverment Data Summit
April 1, 2025
7th Annual NZ Government Data Summit
May 5, 2025
Subscribe
We send emails,
but we do not spam
Join our mailing list to be on the front lines of healthcare , get exclusive content, and promos.
AI appointment Australia Australian boosts business businesses covid-19 cyber cyber attack cybersecurity cyber security data data breach data management defence Digital Education employment enhances Featured Leader fraud funding government grants Healthcare infrastructure Innovation Lockdown new zealand NSW NZ online Procurement Public Sector queensland renewable energy scams Social Media Technology telecommunications vaccine victoria WA Workplace
Last Viewed
Australia unveils 2024 data exchange mobility guidelines