Mei Barnes (led by Ms S Maiden KC and Mr A O’Brien) appeared for the plaintiff, instructed by MinterEllison.
This case concerned an application brought by the Australian Securities and Investments Commission (ASIC) against the defendant, FIIG Securities Limited (FIIG), for orders relating to alleged contraventions of obligations under the Corporations Act 2001 (Cth) (the Act). The Court considered, inter alia, the nature of the defendant’s obligations under the Act, the inadequacy of the defendant’s cybersecurity measures, and principles relevant to the amount for an appropriate penalty. It was held that the defendant failed to have available key technological resources, human resources and financial resources to ensure it complied with its legal obligations. It was ordered that the defendant pay to the Commonwealth a pecuniary penalty of $2.5 million in respect of their contraventions of the Act within 30 days of the order.
The judgment can be read by clicking here
