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Compliance  (GRC) Guides

Who Needs to Comply with CPS 234?

 

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Who Needs to Comply with CPS 234?

CPS 234 is an important regulation introduced by the Australian Prudential Regulation Authority (APRA) that sets out the requirements for how organizations regulated by APRA need to manage their information in order to protect the data of their customers and ensure the security of the organization’s systems. Organizations that need to comply with CPS 234 include: 1. Accredited Deposit-Taking Institutions (ADIs): This includes foreign and non-business holding companies that are licensed under Australian banking law. 2. General Insurance Companies: This includes category C, non-operating holding companies that are licensed under Australian insurance law, as well as parent companies of secondary insurers. 3. Life Insurance Companies: This includes membership societies, foreign life insurance companies, and non-operating holding companies that are registered under the Australian Life Insurance Act. 4. Private Health Insurance Companies: These are companies that are registered under the Private Health Insurance Act. 5. Organizations Licensed Under The Superannuation Industry (Supervision) Act 1993 (SIS Act): This includes organizations that are licensed under the SIS Act. Organizations that are regulated by APRA must ensure that they comply with the CPS 234 regulation in order to protect the data of their customers and ensure the security of their systems. This includes ensuring that their information is managed in a secure manner and that they have appropriate risk management and security controls in place. Organizations must also ensure that any third parties they use to manage their information also comply with the CPS 234 regulation. This includes ensuring that third parties have appropriate risk management and security controls in place and that they are managing the information in a secure manner. In addition, organizations regulated by APRA must ensure that they are regularly monitoring and assessing the security of their systems and the data they manage. This includes conducting regular vulnerability assessments and penetration tests to identify any potential security risks and weaknesses. CPS 234 is an important regulation that organizations regulated by APRA must comply with in order to protect the data of their customers and ensure the security of their systems. It is essential that organizations ensure that they are complying with the regulation and that any third parties they use to manage their information are also compliant. Regular monitoring and assessment of the security of their systems is also essential in order to identify any potential security risks and weaknesses. .



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