{"id":211594,"date":"2026-02-09T09:30:00","date_gmt":"2026-02-09T14:30:00","guid":{"rendered":"https:\/\/news-you-need.com\/index.php\/2026\/02\/09\/australian-fixed-income-firm-fined-au2-5m-for-cybersecurity-failures-international-adviser\/"},"modified":"2026-02-09T09:30:00","modified_gmt":"2026-02-09T14:30:00","slug":"australian-fixed-income-firm-fined-au2-5m-for-cybersecurity-failures-international-adviser","status":"publish","type":"post","link":"https:\/\/news-you-need.com\/index.php\/2026\/02\/09\/australian-fixed-income-firm-fined-au2-5m-for-cybersecurity-failures-international-adviser\/","title":{"rendered":"Australian fixed income firm fined AU$2.5m for cybersecurity failures \u2013 International Adviser"},"content":{"rendered":"

Australian fixed income firm fined AU$2.5m for cybersecurity failures \u2013 International Adviser<\/a><\/p>\n

https:\/\/www.international-adviser.com\/australian-fixed-income-firm-fined-au2-5m-for-cybersecurity-failures\/<\/a><\/p>\n

Publish Date: 2026-02-09 09:30:00<\/a><\/p>\n

Source Domain: www.international-adviser.com<\/a><\/p>\n

Australian fixed-income specialist FIIG Securities has been issued with a AU$2.5m penalty for failing to protect thousands of clients from cyber security threats for more than four years.<\/strong><\/p>\n

The fines mark the first time the Federal Court has imposed civil penalties for cyber security failures under the general Australian Financial Services (AFS) licensee obligations.<\/p>\n

The\u202fFederal Court also ordered FIIG to pay $500,000 towards\u202fASIC\u2019s\u202fenforcement costs and stipulated FIIG must undertake a compliance programme involving the engagement of an independent expert to ensure its cyber security and cyber resilience systems are reasonably managed.<\/p>\n

In 2023 a cyber attack saw around 385 gigabytes of confidential information stolen from FIIG and highly sensitive client data leaked onto the dark web \u2013 including driver\u2019s licences, passport information, bank account details and tax file numbers. FIIG notified some 18,000 clients that their personal information may have been compromised.<\/p>\n

FIIG admitted that it failed to comply with its AFS licence obligations and that adequate cyber security would have enabled it to detect and respond to the data breach sooner. It also admitted that complying with its own policies and procedures could have supported earlier detection and prevented much of the client information from being downloaded.<\/p>\n

ASIC\u00a0deputy\u00a0chair\u00a0Sarah Court\u00a0said: \u201cCyber-attacks\u00a0and\u00a0data breaches\u00a0are\u00a0escalating\u00a0in both scale and sophistication,\u00a0and inadequate\u00a0controls\u00a0put\u00a0clients and\u00a0companies\u00a0at real risk.<\/p>\n

\u201cASIC expects financial services licensees to be on the front foot every day to protect their clients. FIIG wasn\u2019t \u2013 and they put thousands of clients at risk.\u00a0In this\u00a0case,\u00a0the\u00a0consequences\u00a0far exceeded\u00a0what it would have cost\u00a0FIIG\u00a0to implement\u00a0adequate controls\u00a0in the first place.\u201d<\/p>\n

Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Australian fixed income firm fined AU$2.5m for cybersecurity failures \u2013 International Adviser https:\/\/www.international-adviser.com\/australian-fixed-income-firm-fined-au2-5m-for-cybersecurity-failures\/ Publish Date:…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[15],"tags":[30,57],"class_list":["post-211594","post","type-post","status-publish","format-standard","hentry","category-cybersecurity","tag-breach","tag-security"],"_links":{"self":[{"href":"https:\/\/news-you-need.com\/index.php\/wp-json\/wp\/v2\/posts\/211594"}],"collection":[{"href":"https:\/\/news-you-need.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news-you-need.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news-you-need.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/news-you-need.com\/index.php\/wp-json\/wp\/v2\/comments?post=211594"}],"version-history":[{"count":0,"href":"https:\/\/news-you-need.com\/index.php\/wp-json\/wp\/v2\/posts\/211594\/revisions"}],"wp:attachment":[{"href":"https:\/\/news-you-need.com\/index.php\/wp-json\/wp\/v2\/media?parent=211594"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news-you-need.com\/index.php\/wp-json\/wp\/v2\/categories?post=211594"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news-you-need.com\/index.php\/wp-json\/wp\/v2\/tags?post=211594"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}