Australia: ASIC v RI Advice including cybersecurity filed

On 21 August 2020, the Australian Securities and Investments Committee (ASIC) filed a case against RI Advice, a financial advisor company, with the Federal Court of Australia, alleging that RI Advice had contravened the Corporations Act by its failure to have adequate cybersecurity risk controls in place. As a result, ASIC requested that the Federal Court order RI Advice to implement an adequate framework and pecuniary penalties.