The Australian Securities and Investments Commission (ASIC) has released its first assessment report on the cyber resilience of the Australian Securities Exchange (ASX) and Chi-X.

“Cyber resilience is now widely regarded as one of the most significant concerns for the financial services industry and the economy at large,” the regulator says.

“The cyber resilience of our regulated population is, therefore, a key focus.”

The report concludes the ASX and Chi-X have met statutory obligations to hold sufficient resources for the management of cyber resilience, and notes some “encouraging practices”.

However, a consistent industry-wide approach is required to address developing cyber threats, ASIC says. “We will continue to work with government and other regulators to support industry to achieve this.”

The report calls on the wider financial services sector to recognise the growing cyber threat, and refine systems and processes to prevent and address critical issues.

It calls for senior management to closely manage cyber risk from internal and third-party sources, establish robust collaboration and information-sharing networks to access the best defensive intelligence and technology, and implement thorough cyber awareness training programs.

“Because of the dynamic nature of the cyber threat landscape, a comprehensive and long-term commitment to cyber resilience is essential to assist all organisations and the Australian economy to manage this threat,” ASIC Commissioner Cathie Armour said.