May 5 (Reuters) - An Australian court ruled that a former Australia and New Zealand Banking Group (ANZ) unit did not have adequate risk-management systems to manage cybersecurity risks, and ordered it to pay the country's securities regulator A$750,000 ($543,075).
The Australian Securities and Investments Commission (ASIC) said that the court ordered RI Advice Group to pay the sum to cover the regulator's costs, after the parties agreed to resolve the proceedings.
The ruling was based on cybersecurity incidents at representatives of RI Advice between mid-2014 and mid-2020. ANZ owned the firm till October 2018 before selling it to Insignia Financial (IFL) .
($1 = 1.3810 Australian dollars)
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