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What is CPS 234?

 

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What is CPS 234?

What is CPS 234? CPS 234, also known as the Prudential Standard 234, is a mandatory information security regulation issued by the Australian Prudential Regulatory Authority (APRA). It took effect on July 1, 2019 and applies to organizations in the financial and insurance sectors. The purpose of the regulation is to strengthen the information security framework of these organizations and protect them and their customers from the growing threat of cyber attacks. CPS 234 requires organizations to have an information security program that is appropriate to their size, complexity, and the nature of their activities. The program should be tailored to the organization’s specific needs and should include policies, processes, and procedures for managing information security risks. Organizations must also have an information security risk assessment process in place to identify, assess, and manage risks. In addition, organizations must have an incident response plan to address any security incidents that may arise. They must also have appropriate controls in place to protect their systems and data, including access controls, encryption, and data loss prevention. Organizations must also have a system for monitoring their systems and networks, and alerting them to any suspicious activity or potential threats. Organizations must also have a process for assessing the security of third-party vendors and other external entities that have access to their systems or data. They must ensure that any third-party vendors they use are compliant with CPS 234 and have appropriate security measures in place. Finally, organizations must have a process for training their staff on information security and ensuring that they follow the policies and procedures put in place by the organization. This includes educating staff on how to identify and report suspicious activity or potential threats. CPS 234 is an important step in helping organizations in the financial and insurance sectors protect themselves and their customers from cyber attacks. By implementing the requirements of the regulation, organizations can ensure that their systems and data are secure and that their customers’ information is kept safe. .



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