🇬🇧 English, 20 October 2026, cybersecurity failures
Australian Regulator Imposes $1.35 Million Penalty for Cybersecurity Failures
Fortnum Private Wealth fined for inadequate cyber risk controls and failure to implement an adequate cybersecurity policy
The Australian Securities and Investments Commission (ASIC) has imposed a $1.35 million penalty on Fortnum Private Wealth for cybersecurity failures, including inadequate cyber risk controls and failure to implement an adequate cybersecurity policy.
Fortnum’s financial advice network comprised of over 80 advice practices and more than 200 authorised representatives, collecting and holding sensitive information of over 50,000 retail clients.
The Court found that Fortnum failed to implement an adequate cybersecurity policy or have adequate oversight or monitoring arrangements, exposing clients to the risks of cyber-attacks or cybercrime.