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base2Services achieve CPS234 compliance

This news release is provided by base2Services on the 03 March 2021

base2Services are pleased to announce that we have recently been audited and approved as an Australian Prudential Regulation Authority (APRA) CPS234 supplier to the financial industry.

Established in 1998 by the Australian Government, the core purpose of the APRA is to provide communities with assurance as to the financial behaviour of institutions under all reasonable circumstances.

With the frequency, complexity and impact of cyberattacks and security threats continuing to increase, compliance to CPS 234 ensures that APRA-regulated entities, like financial institutions, insurance companies and superannuation funds, have implemented sufficient information security protections and can respond in a timely manner.

As these entities increasingly use third-party tools and services it is mandatory that third-party providers are also CPS234 compliant.

base2Services Managing Director Arthur Marinis said the compliance award gives base2Services customers confidence that they are partnered with an organisation that understands modern security risks.

"As we continue to strive to reduce risk and improve cybersecurity of our services, CPS234 compliance ensures that we maintain information security systems and practices that are appropriate to the potential threats we and our customers face."

"This includes risk management techniques to reduce the likelihood and impact of incidents," Mr Marinis said.

"Our customers are not just looking for security, they want a partner that can demonstrate compliance with multiple cyber security standards and frameworks, whilst being able to assess and address potential issues."

As of 1 July 2020, third parties that handle information assets associated with any APRA regulated entity need to adhere to CPS 234, and attest to the security controls established when requested by the APRA regulated entity.

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