The Australian Securities and Investments Commission (ASIC) has launched a lawsuit against FIIG Securities for failing to maintain adequate cybersecurity protocols, leading to a data breach that exposed the personal information of 18,000 customers. The ASIC accuses the investment company of enduring systemic and prolonged cybersecurity failures over a four-year period, including improper firewall configurations, failure to update software, neglecting required employee training, and lacking sufficient resources to manage cybersecurity, contributing to the serious breach in 2023.
The Australian Securities and Investments Commission filed a lawsuit against FIIG Securities for systemic cybersecurity failures that allowed 18,000 customers’ data to be compromised.
FIIG Securities did not configure firewalls properly, failed to update software, neglected employee training, and lacked resources to manage cybersecurity effectively over four years.
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