What It Is

ITIL 4 is a globally recognized framework of best practices for IT Service Management (ITSM). Originally developed in the 1980s by the UK's CCTA, it evolved from prescriptive processes to a flexible, value-driven model. Its primary purpose is aligning IT services with business objectives through the full service lifecycle, emphasizing value co-creation via the Service Value System (SVS).

Key Components

• SVS core: guiding principles, governance, Service Value Chain, 34 practices, continual improvement.
• 34 practices divided into 14 general management, 17 service management, 3 technical.
• Seven guiding principles (e.g., Focus on Value, Progress Iteratively).
• Four dimensions: organizations/people, information/technology, partners/suppliers, value streams/processes.
• Certification via PeopleCert from Foundation to Strategic Leader.

Why Organizations Use It

Drives cost efficiencies, reduced downtime, 87% global adoption. Enhances service quality, risk mitigation (e.g., cyber resilience), ROI up to 38:1. Builds stakeholder trust, integrates with DevOps/Agile, boosts careers.

Implementation Overview

Phased 10-step roadmap: assess gaps, define roles, pilot practices, integrate tools like CMDB. Suited for enterprises/SMEs across industries; voluntary with certifications. Focuses cultural shift, training ($496+), continual improvement. (178 words)

What It Is

APRA Prudential Standard CPS 234 (Information Security) is a binding prudential regulation for APRA-regulated entities in Australia, effective 1 July 2019. It requires maintaining an information security capability commensurate with threats and vulnerabilities to minimize incidents affecting confidentiality, integrity, or availability (CIA) of information assets, including third-party managed ones. Adopts a risk-based, governance-driven, assurance-focused approach.

Key Components

• **GovernanceBoard ultimate responsibility (para 13), defined roles (para 14).
• **Risk ManagementAsset classification by criticality/sensitivity (para 20).
• **ControlsLifecycle implementation commensurate with risk (paras 21-22).
• **Incident ManagementDetection/response mechanisms, annual plan testing (paras 23-26).
• **Testing/AssuranceSystematic testing (paras 27-31), internal audit (paras 32-34).
• **Reporting72-hour material incident notification, 10-day control weakness notice (paras 35-36). Principle-based, no fixed control count.

Why Organizations Use It

• Mandatory for ADIs, insurers, super funds to avoid enforcement.
• Enhances cyber resilience, protects customers/depositors.
• Builds stakeholder trust, reduces prudential risks.
• Aligns with NIST/ISO for strategic advantage.

Implementation Overview

Phased: gap analysis, asset inventory, policy framework, controls/testing, third-party assessments. Applies to all sizes in Australian finance; ongoing APRA supervision, no certification but evidence-based audits. (178 words)