GDPR
EU regulation for personal data protection and privacy rights
APRA CPS 234
Australian prudential standard for information security resilience
Quick Verdict
GDPR mandates global privacy rights protection for EU data subjects, while APRA CPS 234 enforces cyber resilience in Australian finance. Companies adopt GDPR for compliance and trust, CPS 234 to meet prudential requirements and ensure operational continuity.
GDPR
General Data Protection Regulation (GDPR)
Key Features
- Extraterritorial scope applies to non-EU entities targeting EU residents
- Fines up to 4% of global annual turnover for violations
- Accountability principle requires demonstrable compliance measures
- Enhanced data subject rights including erasure and portability
- 72-hour mandatory breach notification to authorities
APRA CPS 234
APRA Prudential Standard CPS 234 (Information Security)
Key Features
- Board ultimate responsibility for information security
- Extends to third-party managed information assets
- 72-hour APRA notification for material incidents
- Asset classification by criticality and sensitivity
- Systematic independent testing and audit assurance
Detailed Analysis
A comprehensive look at the specific requirements, scope, and impact of each standard.
GDPR Details
What It Is
General Data Protection Regulation (GDPR), officially Regulation (EU) 2016/679, is a binding EU regulation protecting personal data of EU residents. It applies extraterritorially to any organization processing EU data, emphasizing accountability and risk-based compliance through principles like lawfulness, minimization, and transparency.
Key Components
- Seven core principles (Article 5): lawfulness, purpose limitation, minimization, accuracy, storage limitation, integrity, accountability.
- Data subject rights: access, rectification, erasure, portability, objection.
- Obligations: DPIAs, DPO appointment, 72-hour breach notifications, records of processing.
- Compliance via demonstration, not certification; enforced by DPAs with fines up to 4% global turnover.
Why Organizations Use It
Mandated for legal compliance; reduces breach risks, builds trust, avoids massive fines. Enhances reputation, enables global data flows, supports Digital Single Market.
Implementation Overview
Involves gap analysis, policy updates, training, DPIAs, DPO setup. Applies universally to controllers/processors handling EU data; high complexity for SMEs. No formal certification but ongoing audits by DPAs. Typical timeline: 18-24 months for full rollout.
APRA CPS 234 Details
What It Is
APRA Prudential Standard CPS 234 (Information Security) is a mandatory regulation for Australian financial institutions regulated by APRA, effective 1 July 2019. It requires entities to maintain information security capabilities commensurate with threats and vulnerabilities, minimizing impacts on confidentiality, integrity, and availability of information assets, including those managed by third parties. The approach is risk-based, emphasizing governance, assurance, and proportionality.
Key Components
- Board ultimate responsibility (para 13) and defined roles (para 14)
- Asset classification by criticality and sensitivity (para 20)
- Commensurate controls across asset lifecycle (para 21)
- Incident detection/response plans with annual testing (paras 23-26)
- Systematic testing (paras 27-31) and internal audit assurance (paras 32-34)
- APRA notifications: 72 hours for material incidents, 10 business days for weaknesses (paras 35-36) No fixed controls; built on prudential principles with third-party extensions.
Why Organizations Use It
Legally required for APRA-regulated entities (banks, insurers, super funds) to avoid penalties and enforcement. Enhances cyber resilience, protects customers/depositors, manages third-party risks. Builds stakeholder trust, ensures operational continuity, and provides competitive edge in risk management.
Implementation Overview
Phased: gap analysis, governance/policy setup, asset inventory/classification, controls/testing programs, third-party assessments. Applies to all sizes of regulated entities in Australia; demands ongoing independent assurance and Board reporting, subject to APRA supervision.
Key Differences
| Aspect | GDPR | APRA CPS 234 |
|---|---|---|
| Scope | Personal data protection, privacy rights | Information security, cyber resilience |
| Industry | All sectors, global (EU data subjects) | Australian financial services only |
| Nature | Mandatory EU regulation, fines enforced | Mandatory prudential standard, supervisory actions |
| Testing | DPIAs for high-risk, no mandated frequency | Systematic testing, annual reviews, independent |
| Penalties | Up to 4% global turnover or €20M | Remediation, directions, no fixed fines specified |
Scope
Industry
Nature
Testing
Penalties
Frequently Asked Questions
Common questions about GDPR and APRA CPS 234
GDPR FAQ
APRA CPS 234 FAQ
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