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ASIC sues Fortnum
Financial Standard
|July 28, 2025
ASIC is suing Fortnum Private Wealth for allegedly failing to manage and comply with its cybersecurity obligations that exposed the information of its financial advisers and clients.
In the NSW Supreme Court, ASIC alleges Fortnum exposed its authorised representatives (ARs) and clients to an “unacceptable level of risk of a cyber-attack or a cybersecurity incident”.
Fortnum introduced a specific cybersecurity policy from April 2021. ASIC said that the policy was not an adequate response to manage cybersecurity risk.
Between 2021 and 2022, ASIC found RedThorn, one of Fortnum's practices, being subject to a cyber-attack where emails were sent purporting to be from one of RedThorn's advisers.
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