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Australia Sues FIIG Investment Firm in Cyber ‘Wake-Up Call’

Posted on March 18, 2025 by Dissent

Jayant Chakravarti reports:

The Australian financial regulator has filed a lawsuit against FIIG Securities, accusing the leading investment and financing company of lacking adequate cybersecurity controls to stop a threat actor from stealing confidential personal information of 18,000 customers.

The Australian Securities and Investments Commission said it decided to sue Brisbane-headquartered FIIG Securities in Federal Court after observing the company’s “systemic and prolonged cybersecurity failures” over a four-year period that led to the 2023 data breach.

…  Between 2019 and until the breach took place, FIIG failed to appropriately configure its firewalls to protect against cyberattacks; failed to update or patch software and operating systems to address vulnerabilities; did not provide mandatory cybersecurity training to employees; and lacked human, technological and financial resources to manage cybersecurity, the commission said.

Read more at Data Breach Today.

Category: Commentaries and AnalysesFinancial SectorNon-U.S.Of Note

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