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What are the objectives of CPS 234?

 

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What are the objectives of CPS 234?

The main objective of the CPS 234 draft standard is to ensure that regulated entities have the necessary information security measures in place to protect data assets and respond to security incidents in a timely manner. The standard aims to minimize the likelihood and impact of information security incidents, as well as to ensure that regulated entities have appropriate mechanisms for detecting and responding security incidents on time. The draft standard sets out the roles and responsibilities of the board, executive management, individuals within a company, and governing bodies in relation to information security. It also defines and documents information security functions and policy frameworks. This includes the need for regular system testing and validation to ensure that the necessary controls are in place. Furthermore, the draft standard outlines the need for regulated entities to notify the Australian Prudential Regulation Authority (APRA) within 24 hours of any significant information security incident. This is to ensure that the necessary steps are taken to respond to the incident in a timely manner. The draft standard also outlines the need for a risk management framework to be implemented. This includes the need to identify, assess, and manage the risks associated with the use of technology, information systems, and data assets. This is to ensure that the necessary steps are taken to protect the data assets and respond to security incidents in a timely manner. Finally, the draft standard outlines the need for regulated entities to develop and maintain a robust information security program. This includes the need to regularly review and update policies and procedures, as well as to monitor and report on the effectiveness of the information security program. In summary, the objectives of CPS 234 are to ensure that regulated entities have the necessary information security measures in place to protect data assets and respond to security incidents in a timely manner. The draft standard outlines the roles and responsibilities of the board, executive management, individuals within a company, and governing bodies, as well as the need for a risk management framework and an information security program. It also outlines the need for regulated entities to notify the Australian Prudential Regulation Authority (APRA) within 24 hours of any significant information security incident. .



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