Incident: ASIC sues financial services company for repeated hacks | iTnews

Incident: ASIC sues financial services company for repeated hacks | iTnews

Australian Financial Hack: August 21 2020

ASIC sues Australian financial services company RI Advice Group for repeated hacks

Hacker spent 155 hours logged in without detection.

Source: Hacker spent 155 hours logged in without detection. | iTnews
More reports from: iTnews.

The Australian Securities and Investments Commission (ASIC) today said it has taken RI Advice Group to court for cyber security failings that led to its systems being hacked for months on end, and on multiple occasions.

In its notice of filing, the regulator says RI is required to establish and maintain compliance measures, as an Australian financial services licence holder.

Nevertheless, RI failed to secure its systems despite being alerted to two security incidents involving its authorised representatives in December 2016 and May 2017.

In those two cases, a computer was infected with ransomware that rendered the files on it inaccessible, and a network being hacked by remote access resulting in a data breach affecting 226 client groups.

“Please read the source article, a lot more than just this summary… not pretty” – SK

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