Cybercrime is the next big issue facing the financial services industry, according to Australian Securities and Investments Commission (ASIC) Chairman Greg Medcraft.

He told last week’s ASIC Annual Forum it could be “the next black swan event” and is “an issue that has captured the interest of global policymakers, including the G20”.

“How do we counter the threat of a cyber-attack?” Mr Medcraft said. “Cyber-resilience through risk management is vital.”

He says global regulators and governments are seeking ways to tackle cybercrime.

“The International Organisation of Securities Commissions is looking to develop a global standard on risk management for cybercrime.

“And in the US, the White House has released its cyber-security framework. This aims to help organisations manage cyber-risks by establishing an analytical framework.”

He says the framework includes ways to identify and protect against cyber-risks and detect, respond and recover from attacks.