The Australian Securities and Investments Commission (ASIC) is gearing up to launch a fresh cyber threat intelligence platform, following the acquisition of recent federal funding.
Anonymous, ASIC
ASIC
Working in conjunction with the Australian Prudential Regulation Authority (APRA), the financial and business overseer secured $206.4 million from this year’s federal Budget for enhancing technology and cybersecurity capabilities.
Joseph Longo, ASIC chair, announced that a portion of the funding will be dedicated to the implementation of a novel intelligence platform for identifying and responding quickly to both internal and external cyber threats.
“A digital transformation program has been initiated with the recent federal budget allocation to fortify ASIC’s regulatory systems,” stated Longo during the senate estimates.
“In order to advance towards a more data-informed and data-empowered ASIC, further investments in our systems and technology are necessary for fostering intelligent regulation.”
Longo highlighted that ASIC is now delving into the ethical use of cutting-edge technologies like artificial intelligence, machine learning, big data, and cybersecurity tools.
During the previous year, ASIC was advised to undergo a major overhaul in its IT and data capabilities and in the way it introduces new systems.
An assessment carried out by the Financial Regulator Assessment Authority (FRAA) revealed that 34 percent of ASIC employees felt that the agency possessed “suitable technology for detecting and prioritizing threats, opportunities, and innovations.”
A credibility-focused, reliable registry
In May 2024, the Australian Taxation Office (ATO) handed over the management of the Australian Business Registry Services to ASIC.
Longo mentioned in the senate estimates that ASIC has now been granted funds to “stabilize” these outdated legacy business registries.
“Having dependable and trusted registry platforms in Australia is crucial for fostering economic activities,” Longo emphasized in the senate estimates.
The responsibility for the Australian Business Registry Services was shifted to the ATO in April 2021, with the latter taking charge of core business registers and a now-defunct modernization initiative.
That modernization program met an untimely end after consuming $530 million, with only one visible outcome for the public.
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