What is APRA Prudential Standard CPS 234?
With the financial sector under ever-increasing cyber-attack, the Australian Prudential Regulation Authority (APRA) has released the Prudential Standard CPS 234 in response. This ensures that APRA-regulated entities have established sufficient protections to guarantee information security.
Regulated entities–which include banks, neobanks, credit unions, insurers, superannuation funds, private health insurance companies, and non-operating holding companies–must now demonstrate compliance with the standard rather than just following the guidance. The responsibility for this lies with the board of an APRA-regulated entity.
Organizations must demonstrate the maintenance of an information security capability that aligns with the vulnerabilities and threats to which their information assets are exposed and enables the continued operation of the entities. APRA CPS 234 strongly focuses on identifying and managing information assets–i.e. corporate data.
Fortra’s Digital Guardian can help you comply with APRA Prudential Standard CPS 234
Continuous Monitoring and Threat Detection
The regulation requires organizations to implement robust mechanisms for continuous monitoring and early detection of security incidents. Digital Guardian's monitoring and threat detection features provide proactive measures to detect potential breaches and respond in real time, helping meet this requirement.
The regulation requires organizations to implement robust mechanisms for continuous monitoring and early detection of security incidents. Digital Guardian's monitoring and threat detection features provide proactive measures to detect potential breaches and respond in real time, helping meet this requirement.
Policy Enforcement
CPS 234 emphasizes the importance of implementing strict controls over access to information assets. Digital Guardian’s ability to enforce policies ensures that only authorized personnel have access to sensitive data, reducing the risk of unauthorized access or data leakage.
CPS 234 emphasizes the importance of implementing strict controls over access to information assets. Digital Guardian’s ability to enforce policies ensures that only authorized personnel have access to sensitive data, reducing the risk of unauthorized access or data leakage.
Incident Response and Reporting
CPS 234 requires organizations to implement response mechanisms for security incidents and report any breaches to APRA within 72 hours. Digital Guardian’s incident response tools help organizations fulfill these obligations by ensuring timely detection, reporting, and remediation of incidents.
CPS 234 requires organizations to implement response mechanisms for security incidents and report any breaches to APRA within 72 hours. Digital Guardian’s incident response tools help organizations fulfill these obligations by ensuring timely detection, reporting, and remediation of incidents.
Data Encryption and Protection
Digital Guardian ensures that sensitive data is encrypted both at rest and in transit, providing an additional layer of security for information assets. This encryption helps prevent unauthorized access and ensures data integrity.
Digital Guardian ensures that sensitive data is encrypted both at rest and in transit, providing an additional layer of security for information assets. This encryption helps prevent unauthorized access and ensures data integrity.
Audit and Compliance Reporting
Digital Guardian provides detailed reporting capabilities, allowing organizations to track data access, policy violations, and security incidents. These reports can be customized for internal audits or for regulatory bodies to demonstrate compliance with CPS 234.
Digital Guardian provides detailed reporting capabilities, allowing organizations to track data access, policy violations, and security incidents. These reports can be customized for internal audits or for regulatory bodies to demonstrate compliance with CPS 234.
