Regulatory Alerts2025-07-22
ASIC sues Fortnum Private Wealth for allegedly failing to adequately manage cybersecurity risks
The Australian Securities and Investments Commission has filed proceedings in the NSW Supreme Court against Fortnum Private Wealth Limited, alleging it failed to meet its obligations as an Australian financial services licensee by lacking adequate cybersecurity policies and controls. ASIC contends that these deficiencies exposed the company, its authorized representatives, and over 9,000 clients to unacceptable risks, including a major data breach where client information was published on the dark web. The regulator is seeking a declaration and pecuniary penalties, citing Fortnum's failure to mandate cybersecurity training, supervise representatives, or employ specialized expertise to manage these critical risks.
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