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ASIC sues Fortnum Private Wealth for alleged failures to adequately manage cybersecurity risks
Summary by Financial Services: Regulation Tomorrow
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ASIC sues Fortnum Private Wealth for alleged failures to adequately manage cybersecurity risks
On 21 July 2025, the Australian Securities and Investments Commission (ASIC) filed proceedings in the Supreme Court of New South Wales alleging that between 20 April 2021 to 11 May 2023, Fortnum Private Wealth Limited (Fortnum) was not meeting its obligations as an Australian financial services licensee (AFS Licensee) because it had failed to have adequate policies, frameworks, systems and controls in place to deal with cyber security risks. For…
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