FedRAMP
U.S. program standardizing federal cloud security assessments and authorization
APRA CPS 234
Australian prudential standard for information security resilience.
Quick Verdict
FedRAMP standardizes cloud security authorizations for US federal agencies, enabling reusable assessments. APRA CPS 234 mandates information security governance for Australian financial firms with strict board accountability and notifications. Organizations adopt them for government contracts and regulatory compliance.
FedRAMP
Federal Risk and Authorization Management Program
Key Features
- Enables 'assess once, use many times' reusability across agencies
- NIST SP 800-53 Rev 5 baselines at Low/Moderate/High levels
- Independent assessments by accredited 3PAOs
- Ongoing continuous monitoring with quarterly/annual deliverables
- FedRAMP Marketplace listing for authorized cloud services
APRA CPS 234
APRA Prudential Standard CPS 234 Information Security
Key Features
- Board ultimate responsibility for information security
- 72-hour APRA notification for material incidents
- Asset classification by criticality and sensitivity
- Systematic independent control testing program
- Third-party capability and control assessments
Detailed Analysis
A comprehensive look at the specific requirements, scope, and impact of each standard.
FedRAMP Details
What It Is
FedRAMP (Federal Risk and Authorization Management Program) is a U.S. government-wide framework standardizing security assessment, authorization, and continuous monitoring for cloud services used by federal agencies. Its primary purpose is enabling secure, efficient cloud adoption via "assess once, use many times" reusability, based on NIST SP 800-53 Rev 5 controls and FIPS 199 impact levels (Low, Moderate, High).
Key Components
- Baselines with ~156 (Low), ~323 (Moderate), ~410 (High) controls, plus LI-SaaS for low-risk SaaS.
- Core artifacts: SSP, SAR, POA&M, continuous monitoring plans.
- Built on NIST standards; compliance via 3PAO assessments and Marketplace listing.
Why Organizations Use It
CSPs pursue FedRAMP for federal contracts ($20M+ potential), CMMC mandates, and commercial differentiation. It reduces agency duplication, enhances risk management, builds stakeholder trust.
Implementation Overview
Involves categorization, documentation, 3PAO assessment, remediation; typical for CSPs targeting U.S. federal market. Requires agency sponsor or Program Authorization; audits ongoing.
APRA CPS 234 Details
What It Is
APRA Prudential Standard CPS 234 (Information Security) is a binding regulation issued by the Australian Prudential Regulation Authority for regulated financial entities. Effective 1 July 2019, it requires maintaining information security capabilities commensurate with threats and vulnerabilities to minimize impacts on confidentiality, integrity, and availability (CIA) of information assets, including those managed by third parties.
Key Components
- Board accountability and defined roles/responsibilities
- Asset classification by criticality and sensitivity
- Risk-based controls across asset lifecycle
- Systematic testing and independent assurance
- Incident response plans with annual testing
- Strict **APRA notifications72 hours for material incidents, 10 business days for unremediable weaknesses
Why Organizations Use It
- Mandatory for APRA-regulated entities (banks, insurers, super funds)
- Mitigates cyber risks, ensures operational resilience
- Enhances stakeholder trust, avoids penalties
- Supports competitive differentiation via robust governance
Implementation Overview
Phased approach: gap analysis, policy frameworks, asset inventories, testing programs, third-party assessments. Applies to all sizes in Australian finance; no formal certification but requires internal audit and APRA reporting.
Key Differences
| Aspect | FedRAMP | APRA CPS 234 |
|---|---|---|
| Scope | Cloud service security assessment and monitoring | Information security governance and resilience |
| Industry | US federal government cloud providers | Australian financial services institutions |
| Nature | Standardized authorization program, mandatory for federal | Mandatory prudential regulation with enforcement powers |
| Testing | 3PAO assessments, continuous monitoring, annual SAR | Systematic testing, internal audit, annual response plan tests |
| Penalties | Loss of authorization, no federal contracts | Fines, supervisory actions, license restrictions |
Scope
Industry
Nature
Testing
Penalties
Frequently Asked Questions
Common questions about FedRAMP and APRA CPS 234
FedRAMP FAQ
APRA CPS 234 FAQ
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