ASIC has filed federal court proceedings against FIIG Securities for alleged cybersecurity failures that led to a massive data breach.
The regulator claims FIIG's inadequate security measures enabled hackers to steal sensitive client data that was later exposed on the dark web.
Australia's
corporate watchdog has launched federal court proceedings against fixed income
specialist FIIG Securities Limited for allegedly maintaining inadequate
cybersecurity systems over a four-year period, resulting in a massive data
breach that compromised sensitive information of approximately 18,000 clients.
FIIG Securities Faces
Federal Court Action After 385 GB Data Breach
The
Australian Securities and Investments Commission (ASIC) alleges that FIIG's
cybersecurity failures, which persisted from March 2019 to June 2023, enabled
hackers to infiltrate the firm's IT network and operate undetected for nearly
three weeks before the breach was discovered.
According
to court documents, the breach resulted in the theft of approximately 385 GB of
confidential data, including highly sensitive client information such as names,
addresses, birth dates, driver's licenses, passports, bank account details, and
tax file numbers. Some of this information was subsequently released on the
dark web.
Joe Longo, the Chairman of ASIC
“This
matter should serve as a wake-up call to all companies on the dangers of
neglecting your cybersecurity systems,” said ASIC Chair Joe Longo.
“Cybersecurity isn't a set and forget matter. All companies need to
proactively and regularly check the adequacy of their cybersecurity
measures.”
Delayed Breach Response
Under Scrutiny
The
regulator claims FIIG failed to respond promptly when initially notified of
potential malicious activity. The company was reportedly contacted by the
Australian Signals Directorate's Australian Cyber Security Centre on June 2,
2023, but did not investigate and respond to the incident until June 8, almost
a week later.
ASIC's
allegations detail multiple cybersecurity failures by FIIG, including
improperly configured firewalls, failure to update and patch software for
security vulnerabilities, lack of mandatory cybersecurity awareness training
for staff, and inadequate resources devoted to cybersecurity management.
“Australian
financial services licensees are required by law to have adequate cybersecurity
risk management systems in place,” Longo added. “We allege FIIG's
inadequate cybersecurity measures left the business and its confidential client
information vulnerable and exposed to significant risk.”
FIIG
Securities provides retail and wholesale investors with access to fixed income
investments and bond financing, serving as a custodian for client investments
and maintaining records of those investments. As an Australian Financial
Services (AFS) licensee, the firm has legal obligations to ensure financial
services are provided efficiently, honestly and fairly, and to maintain
adequate risk management systems.
Second Cybersecurity Enforcement
The
regulator is seeking declarations of contraventions, civil penalties, and
compliance orders against FIIG. This case marks ASIC's second cybersecurity
enforcement action, following
a 2022 ruling against RI Advice for similar breaches of license
obligations.
Cybersecurity
failures have become an enforcement priority for ASIC, which has recently
called for greater vigilance from Australian organizations following findings
from its 2023
cyber pulse survey. The regulator has published various resources to help
companies improve their cyber resilience and risk management practices.
FIIG
Securities has not yet issued a public response to the allegations.
Australia's
corporate watchdog has launched federal court proceedings against fixed income
specialist FIIG Securities Limited for allegedly maintaining inadequate
cybersecurity systems over a four-year period, resulting in a massive data
breach that compromised sensitive information of approximately 18,000 clients.
FIIG Securities Faces
Federal Court Action After 385 GB Data Breach
The
Australian Securities and Investments Commission (ASIC) alleges that FIIG's
cybersecurity failures, which persisted from March 2019 to June 2023, enabled
hackers to infiltrate the firm's IT network and operate undetected for nearly
three weeks before the breach was discovered.
According
to court documents, the breach resulted in the theft of approximately 385 GB of
confidential data, including highly sensitive client information such as names,
addresses, birth dates, driver's licenses, passports, bank account details, and
tax file numbers. Some of this information was subsequently released on the
dark web.
Joe Longo, the Chairman of ASIC
“This
matter should serve as a wake-up call to all companies on the dangers of
neglecting your cybersecurity systems,” said ASIC Chair Joe Longo.
“Cybersecurity isn't a set and forget matter. All companies need to
proactively and regularly check the adequacy of their cybersecurity
measures.”
Delayed Breach Response
Under Scrutiny
The
regulator claims FIIG failed to respond promptly when initially notified of
potential malicious activity. The company was reportedly contacted by the
Australian Signals Directorate's Australian Cyber Security Centre on June 2,
2023, but did not investigate and respond to the incident until June 8, almost
a week later.
ASIC's
allegations detail multiple cybersecurity failures by FIIG, including
improperly configured firewalls, failure to update and patch software for
security vulnerabilities, lack of mandatory cybersecurity awareness training
for staff, and inadequate resources devoted to cybersecurity management.
“Australian
financial services licensees are required by law to have adequate cybersecurity
risk management systems in place,” Longo added. “We allege FIIG's
inadequate cybersecurity measures left the business and its confidential client
information vulnerable and exposed to significant risk.”
FIIG
Securities provides retail and wholesale investors with access to fixed income
investments and bond financing, serving as a custodian for client investments
and maintaining records of those investments. As an Australian Financial
Services (AFS) licensee, the firm has legal obligations to ensure financial
services are provided efficiently, honestly and fairly, and to maintain
adequate risk management systems.
Second Cybersecurity Enforcement
The
regulator is seeking declarations of contraventions, civil penalties, and
compliance orders against FIIG. This case marks ASIC's second cybersecurity
enforcement action, following
a 2022 ruling against RI Advice for similar breaches of license
obligations.
Cybersecurity
failures have become an enforcement priority for ASIC, which has recently
called for greater vigilance from Australian organizations following findings
from its 2023
cyber pulse survey. The regulator has published various resources to help
companies improve their cyber resilience and risk management practices.
FIIG
Securities has not yet issued a public response to the allegations.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Executive Interview | Jas Shah | FMLS:25
Executive Interview | Jas Shah | FMLS:25
Interview with Jas Shah
Builder | Adviser | Fintech Writer | Product Strategist
In this episode, Jonathan Fine sat down with Jas Shah, one of the most thoughtful voices in global fintech. Known for his work across advisory, product, stablecoins, and his widely read writing, Jas brings a rare combination of industry insight and plain-spoken clarity.
We talk about his first impression of the Summit, the projects that keep him busy today, and how they connect to the stablecoin panel he joined. Jas shares his view on the link between fintech, wealthtech and retail brokers, especially as firms like Revolut, eToro and Trading212 blur long-standing lines in the market.
We also explore what stablecoin adoption might look like for retail investment platforms, including a few product and UX angles that are not obvious at first glance.
To close, Jas explains how he thinks about writing, and how he approaches “shipping” pieces that spark debate across the industry.
Interview with Jas Shah
Builder | Adviser | Fintech Writer | Product Strategist
In this episode, Jonathan Fine sat down with Jas Shah, one of the most thoughtful voices in global fintech. Known for his work across advisory, product, stablecoins, and his widely read writing, Jas brings a rare combination of industry insight and plain-spoken clarity.
We talk about his first impression of the Summit, the projects that keep him busy today, and how they connect to the stablecoin panel he joined. Jas shares his view on the link between fintech, wealthtech and retail brokers, especially as firms like Revolut, eToro and Trading212 blur long-standing lines in the market.
We also explore what stablecoin adoption might look like for retail investment platforms, including a few product and UX angles that are not obvious at first glance.
To close, Jas explains how he thinks about writing, and how he approaches “shipping” pieces that spark debate across the industry.
Vitalii Bulynin Talks About Versus Trade, New Pairs, and Big Plans
Vitalii Bulynin Talks About Versus Trade, New Pairs, and Big Plans
In this interview, Versus Trade Co-Founder Vitalii Bulynin explains how the company got its license fast, why its trading pairs are fresh and fun, and what the team will build next.
He also discusses the most active pairs, the IB and MIB plans, and hiring needs for new markets.
Watch the whole talk to learn more about how Versus Trade works and where it is heading.
#financemagnates #VersusTrade #TradingPairs #BTCvsGold #goldtrading #innovation
In this interview, Versus Trade Co-Founder Vitalii Bulynin explains how the company got its license fast, why its trading pairs are fresh and fun, and what the team will build next.
He also discusses the most active pairs, the IB and MIB plans, and hiring needs for new markets.
Watch the whole talk to learn more about how Versus Trade works and where it is heading.
#financemagnates #VersusTrade #TradingPairs #BTCvsGold #goldtrading #innovation
Marketing in 2026 Audiences, Costs, and Smarter AI
Marketing in 2026 Audiences, Costs, and Smarter AI
As brokers eye B2B business and compete with fintechs and crypto exchanges alike, marketers need to act wisely with often limited budgets. AI can offer scalable solutions, but only if used properly.
Join seasoned marketing executives and specialists as they discuss the main challenges they identify in financial services in 2026 and how they address them.
Attendees of this session will walk away with:
- A nuts-and-bolts account of acquisition costs across platforms and geos
- Analysis of today’s multi-layered audience segments and differences in behaviour
- First-hand account of how global brokers balance consistency and local flavour
- Notes from the field about intelligently using AI and automation in marketing
Speakers:
-Yam Yehoshua, Editor-In-Chief at Finance Magnates
-Federico Paderni, Managing Director for Growth Markets in Europe at X
-Jo Benton, Chief Marketing Officer, Consulting | Fractional CMO
-Itai Levitan, Head of Strategy at investingLive
-Roberto Napolitano, CMO at Innovate Finance
-Tony Cross, Director at Monk Communications
#fmls #fmls25 #fmevents #FintechMarketing #AI #DigitalStrategy #Fintech #Innovation
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
As brokers eye B2B business and compete with fintechs and crypto exchanges alike, marketers need to act wisely with often limited budgets. AI can offer scalable solutions, but only if used properly.
Join seasoned marketing executives and specialists as they discuss the main challenges they identify in financial services in 2026 and how they address them.
Attendees of this session will walk away with:
- A nuts-and-bolts account of acquisition costs across platforms and geos
- Analysis of today’s multi-layered audience segments and differences in behaviour
- First-hand account of how global brokers balance consistency and local flavour
- Notes from the field about intelligently using AI and automation in marketing
Speakers:
-Yam Yehoshua, Editor-In-Chief at Finance Magnates
-Federico Paderni, Managing Director for Growth Markets in Europe at X
-Jo Benton, Chief Marketing Officer, Consulting | Fractional CMO
-Itai Levitan, Head of Strategy at investingLive
-Roberto Napolitano, CMO at Innovate Finance
-Tony Cross, Director at Monk Communications
#fmls #fmls25 #fmevents #FintechMarketing #AI #DigitalStrategy #Fintech #Innovation
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
