FPA releases new cybersecurity guidance
The Financial Planning of Australia (FPA) has revealed new guidance to members about cybersecurity amid a growing pressure on advice firms to better protect their client data.
The guide will be the first in a series on cybersecurity and privacy principles to help members meet both their ethical obligations to protect clients and their regulatory obligations and would cover the following topics:
- why cybersecurity is important,
- regulatory and legal obligations,
- examples of advice-related cybersecurity issues,
- practical mitigation steps, and
- links to additional resources and webinars.
FPA chief executive, Sarah Abood, said that cybersecurity was often overwhelming for many financial planners with confusing software and technology jargon.
“It is therefore critical that the FPA takes the lead in safeguarding advice practices and their sensitive client data. This guide will be a critical first step in helping financial planning firms become more confident in protecting their businesses from cybersecurity threats,” she added.
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