ASIC Emphasizes Strengthening Cybersecurity Preparedness in Australia

The Australian Securities and Investments Commission (ASIC) is calling for urgent cybersecurity action to counter a threat known as Mythos. The regulator is urging entities to ensure their cybersecurity practices are as strong as possible to mitigate potential risks to the financial system.

On May 8, 2026, reports indicated that ASIC Commissioner Simone Constant noted the regulator has realized that the level of preparedness among Australian entities varies widely. This inconsistency in defense capabilities leaves some organizations more vulnerable to emerging threats.

A significant driver of the current risk landscape is the integration of artificial intelligence, which ASIC says is accelerating the discovery of security flaws. The ability of AI to identify vulnerabilities more quickly than traditional methods has increased the pressure on organizations to update their defenses in real time.

Industry Response and System Testing

In response to these evolving threats, some major financial institutions are already taking preemptive measures. Macquarie has stated that it is testing its systems against the risks posed by these developments to identify weaknesses and strengthen its resilience.

ASIC’s Cyber Resilience Framework

The push for urgent action against Mythos aligns with ASIC’s broader supervisory cyber strategy. The regulator’s stated vision is for Australia’s financial markets and system to remain resilient to cyber incidents to support market integrity and maintain the confidence of consumers and investors.

ASIC’s ongoing strategy to manage cyber and operational risks includes several core objectives:

• Promoting good practices for managing cyber risks among the population of regulated entities.
• Ensuring that new technological developments are equipped with appropriate operational resiliency and cyber safeguards.
• Collaborating with the Government, other regulators, and agencies to monitor and supervise regulated entities.
• Taking deterrence-based enforcement action when appropriate to ensure compliance with security standards.

The regulator also works with members of the Council of Financial Regulators (CFR) and supports the implementation of the Australian Cyber Security Strategy for 2023-2030. This collaborative approach is intended to ensure a proportionate and active management of cyber risks across the entire Australian financial ecosystem.