ASIC slaps FIIG with lawsuit

FIIG Securities will face court over allegations of longstanding cybersecurity failures which saw the private data of more than 18,000 clients stolen and released on the dark web.

- Jamie Williamson

According to ASIC, FIIG failed to have adequate cyber risk management systems in place for a period of four years - from March 2019 to June 2023.

Due to this failure, ASIC alleges, a hacker was able to infiltrate FIIG's systems for about three weeks, stealing highly sensitive client information such as names, addresses, birth date, driver's licences, passports, bank accounts, and tax file numbers. The data was then released on the dark web.

The breach occurred after a FIIG employee downloaded a .zip file containing malware while browsing the internet.