C-suite Sessions: How Insignia Financial Deals with Cyber Threats

Wealth management organisation, Insignia Financial, is prioritising its cyber security investments to protect the retirement savings and personal data of its two million customers.

CISO James Ng who joined Insignia in October 2023, discovered that the ASX200 company had inherited “different processes and ways of doing things” through recent acquisitions. This arose as banks moved away from the wealth management sector.

In 2021, the transition of MLC Wealth from NAB to Insignia Financial was one of the largest wealth management separations in Australia. In October 2022, Insignia completed the separation of the pensions and investments business from ANZ Bank. More than 1,200 staff moved from ANZ to Insignia.

Ng told ADAPT that Insignia’s multiple Boards have shown strong interest in cyber security risks. This ‘top-down’ approach has guided the organisation’s efforts to improve its cyber maturity.

He says Insignia used the NIST Cyber Security Framework to assess its security…