ASIC v RI Advice (cyber security)
civil penalty5 May 2022Penalty $750K
Respondent
RI Advice Group Pty Ltd
Facts
RI Advice failed to have adequate cyber security risk management systems across its authorised representative network despite multiple incidents.
Outcome
Federal Court found breach of s 912A and ordered $750K costs + remediation orders — Australia's first cyber security AFSL ruling.
Read the source
https://asic.gov.au/about-asic/news-centre/find-a-media-release/22-104mr-federal-court-finds-ri-advice-failed-to-adequately-manage-cyber-security-risks/Rules Mate links to the regulator's own publication. We do not republish full decision text. Always verify the latest status against the source before acting.