News — ASIC’s breach reporting review confirms the need for change

People gathered around table with laptops and charts

The findings of a recent review of how Australian financial institutions are complying with their breach reporting obligations reaffirms the need for law reform and new supervisory approaches, according to the Australian Securities and Investments Commission (ASIC).

The review by ASIC identified serious, unacceptable delays in the time financial institutions take to identify, report and correct significant breaches of the law.

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