Do companies require a cybersecurity risk management plan, under Australian law?

Recent case of ASIC v RI Advice Group Pty Ltd serves as a warning that companies which do not have adequate cybersecurity risk management plans, systems and controls in place are at risk of contravention of the Corporations Law and the Privacy Act which can result in substantial pecuniary penalties. Practical steps can be taken by companies and their directors to reduce these risks.

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