This RegCentric whitepaper briefly outlines data management, cyber security and technology developments in the Australian financial system from a regulatory lens.

The management of non-financial risks – in particularly cyber security – by domestic organisations is under increasing regulatory scrutiny, alerting consumers and the public alike to the need for more robust data management processes and resilient cyber security practices. Managing data risks and the associated mitigating practices is becoming more complicated too, as consumer preferences move towards technology-enabled financial services. This has led to open banking policy reform in Australia, which tasks banks with the colossal challenge to safely and securely share customers’ personal information across organisations.

We take a deeper dive into threats and opportunities, disruptions to existing business models and explore many more considerations by examining this evolving landscape.