FIIG Securities Fined AU$2.5 Million Following Prolonged Cybersecurity Failures

FIIG Securities was breached in May 2023 by a ransomware incident claimed by the ALPHV/BlackCat group, resulting in ~385 GB of sensitive client data exfiltrated and around 18,000 clients potentially affected; the intrusion leveraged compromised credentials, PowerShell, Cobalt Strike and malicious GPOs, backups were wiped and some data unrecoverable. Regulatory action followed, with ASIC imposing a AU$2.5M fine plus AU$500K in costs and ordering remediation and independent review after finding multi-year cybersecurity failures.