Enabling APRA CPS234 Compliance with Bitsight

This document is a guide focused on enabling compliance with the Australian Prudential Regulatory Authority's (APRA) Prudential Standard CPS 234. The standard, introduced in July 2019, establishes rigorous responsibilities for financial institutions to protect data confidentiality and integrity amid rising cyber threats. The guide outlines the primary aim of enhancing cybersecurity measures within APRA-regulated organisations to mitigate cyber risks and protect depositor and policyholder interests. It discusses the introduction of Practice Guide 234 by APRA to assist organisations in their compliance journey. The document details several focal points related to cybersecurity reporting, information security capability, policy frameworks, and asset identification. Additionally, it presents recommendations from Bitsight on monitoring security performance, implementing controls, and managing third-party risks. The guide emphasizes the importance of continuous monitoring and effective incident management to ensure compliance and improve overall cybersecurity posture.