The Australian Securities and Investments Commission (ASIC) has called for risk officers to demand more funding for improving their data systems. ASIC's deputy chair Karen Chester pointed to under-investments in these systems as a root cause for companies missing huge operational risks to their business.
“Compliance breaches happen in all organizations and businesses," Chester said. "But ASIC is looking to firms to shift their culture, to act faster on breaches and ensure they are given the attention they deserve. Under the new law, firms are obliged to identify and report breaches and remediate consumers in a timelier manner. To do so may require you calling out the need for investment in data and systems.”
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