CPS 234 Information Security: Strengthening Cyber Resilience in Financial Services
Understanding CPS 234
APRA’s CPS 234 Information Security standard sets minimum requirements for financial institutions to protect data, systems, and information assets. It applies to all APRA-regulated entities, including banks, insurers, and superannuation trustees, and requires firms to maintain cyber resilience in an environment of increasing digital threats.
CPS 234 also extends accountability to boards and senior management, making them directly responsible for ensuring adequate information security frameworks. The obligations cover governance, incident management, testing, and third-party arrangements.
Why CPS 234 Matters
Cybersecurity is no longer just a technology issue; it is a strategic and regulatory priority. APRA expects institutions to build resilience that can withstand cyber incidents and ensure continuity of critical operations.
Key implications for firms include:
Board accountability for information security readiness.
Mandatory incident notifications to APRA within strict timeframes.
Third-party risk oversight, ensuring vendors and service providers meet equivalent security standards.
Continuous testing and assurance, with clear evidence of control effectiveness.
Failing to meet CPS 234 obligations exposes firms to regulatory action, reputational harm, financial loss, and operational disruption.
Key Challenges Facing Firms
Meeting rising regulator expectations as cyber threats evolve.
Integrating cyber resilience into enterprise risk and operational resilience frameworks.
Managing third-party providers and cloud arrangements under CPS 234.
Resourcing and funding continuous testing, monitoring, and incident response.
Demonstrating evidence of compliance through defensible assurance reporting.
How OCG Can Help
At Oceanic Consulting Group (OCG), we support financial institutions in embedding CPS 234-compliant frameworks that not only meet APRA’s standards but strengthen overall resilience.
Our services include:
Information security framework design and uplift.
Independent reviews and gap assessments against CPS 234.
Board and executive training on cyber resilience governance.
Third-party and outsourcing security reviews.
Incident response planning, testing, and assurance reporting.
Integration of CPS 234 with CPS 230 operational resilience frameworks.
FAQs
What is CPS 234?
CPS 234 is APRA’s prudential standard requiring financial institutions to maintain adequate information security frameworks to protect critical assets and systems.
Who does CPS 234 apply to?
It applies to all APRA-regulated entities, including banks, insurers, and superannuation trustees, and indirectly affects third-party providers servicing them.
What are the key obligations of CPS 234?
Firms must ensure strong governance, incident response, third-party oversight, and ongoing assurance through testing and reporting.
How can OCG help with CPS 234 compliance?
OCG assists institutions with framework design, assurance reviews, third-party oversight, and board-level training to ensure CPS 234 readiness and resilience.
Build Your CPS 234 Resilience
Work with OCG’s Cyber Governance Experts
Protect your organisation against rising cyber threats and meet APRA’s CPS 234 obligations with confidence. Speak to OCG today to strengthen your cyber resilience frameworks.
