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The Australian Securities and Investments Commission (ASIC) has announced that funding allocated to it as part of this year’s federal budget will be invested in a new threat intelligence platform.
The budget allocated $206.4 million for ASIC and the Australian Prudential Regulation Authority (APRA) to bolster cyber security and technology, which will be used to combat scams and online fraud, with a mandatory industry code to be introduced.
Speaking at Senate estimates this week, ASIC chairman Joseph Longo announced that the commission would be using its funds to launch a new “threat intelligence platform” to improve information collection and real-time detection of internal and external cyber threats”.
“We have commenced a digital transformation program that received initial funding in the recent federal budget to secure ASIC’s regulatory systems.
“To continue on our journey to make ASIC increasingly data-informed and data-enabled, further investment in our systems and our technology is critical to ensure smarter regulation.”
In a release on its website, ASIC added that it was also looking to utilise new technological developments like AI.
“To ensure smarter and more effective regulation, supervision and enforcement, we are also looking at the responsible use of emerging technologies such as artificial intelligence, machine learning, big data, predictive coding and cyber protection tools,” it said.
“Going forward, we continue to work on the plan to uplift our digital data and insights capability and using digital tools to improve our interactions with those that we regulate.”
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