What It Is

APRA Prudential Standard CPS 234 (Information Security) is a binding regulation for APRA-regulated entities like banks, insurers and super funds. Effective from 1 July 2019, it mandates resilience against cyber threats via commensurate information security capabilities protecting confidentiality, integrity and availability of assets, including third-party managed ones.

Key Components

• Governance with Board ultimate responsibility (para 13)
• Asset classification by criticality/sensitivity (para 20)
• Lifecycle controls, systematic testing, internal audit (paras 21-34)
• Incident response plans, annual testing (paras 23-26)
• 72-hour APRA notification for material incidents (para 35) Risk-based, assurance-driven model without prescribed controls.

Why Organizations Use It

Ensures prudential compliance, minimizes incident impacts on customers/depositors, strengthens third-party oversight. Builds operational resilience, avoids penalties, enhances trust and competitive edge in financial services.

Implementation Overview

Phased: gap analysis, policy framework, asset inventory, controls/testing, incident playbooks. Applies to all sizes of APRA entities in Australia; no certification but APRA supervision/enforcement. Involves Board reporting, third-party assessments.

What It Is

ISO 30301:2019 is the international standard specifying requirements for a Management System for Records (MSR). It provides a certifiable framework to establish, implement, maintain, and improve records management, ensuring authoritative evidence of business activities. Applicable to any organization, it uses a risk-based, High-Level Structure (HLS) approach (Clauses 4–10) combined with records-specific operations.

Key Components

• **HLS clauses 4–10Context, leadership, planning, support, operation, evaluation, improvement.
• **Clause 8 & Annex A (normative)Lifecycle controls for creation, capture, access, retention, disposition.
• Core principles: Authenticity, reliability, integrity, usability.
• Flexible conformity: Self-declaration, external confirmation, or third-party certification.

Why Organizations Use It

• Enhances governance, compliance (legal/regulatory), and risk mitigation (loss, alteration).
• Drives efficiency, transparency, auditability; integrates with ISO 9001, 27001.
• Builds stakeholder trust, supports business continuity.

Implementation Overview

Phased approach: Gap analysis, policy design, operational controls, training, audits. Scalable for all sizes/industries; certification optional via accredited bodies. (178 words)