Financial Planning Association releases cybersecurity guidance for members

The Financial Planning Association of Australia (FPA) has released new cybersecurity guidance for its members, as advice firms face increasing pressure to safeguard their operations and client data from potential breaches.

The interactive guide, available on the FPA's member portal, assists members with the basic steps of implementing cybersecurity safeguards within their businesses. Key topics covered include the importance of cybersecurity, regulatory and legal obligations, examples of advice-related cybersecurity issues, practical mitigation steps, and links to further resources and webinars.

This release marks the first in a planned series of guides focusing on cybersecurity and privacy principles. The initiative aims to support members in meeting their ethical obligations to protect clients and their regulatory compliance requirements.

"Cyber risks are an imminent threat to businesses, the success of individual financial planning practices, and the security of clients’ financial information," stated FPA Chief Executive Officer Sarah Abood. She noted that cybersecurity can be overwhelming due to complex jargon, and the FPA's guide is intended to help financial planning firms become more confident in protecting themselves from cyber threats.