How Automated PI Data Scanning and Security Posture Management Could Have Helped
The recent case of ASIC suing FIIG Securities Limited (FIIG) highlights the severe consequences of inadequate data privacy and cybersecurity measures.
FIIG allegedly failed to implement sufficient security controls of personal information over four years, leading to the theft of 385GB of confidential data and exposing 18,000 clients’ personal information to potential misuse. This breach underscores the need for organisations to take a proactive approach to data privacy and security, particularly in financial services where sensitive client information is a prime target for cybercriminals.
Had FIIG deployed an automated data discovery and security posture management tool, this breach could have been prevented or at least significantly mitigated. Here’s how:
1. PI Data Scanning: Continuous Visibility into Sensitive Data
A key challenge in cybersecurity is knowing where personal and sensitive data resides across structured and unstructured environments. FIIG’s failure to secure client data may have stemmed from a lack of visibility into where personal data was stored and how it was protected.
With automated PI Data Scanning, FIIG would have been able to:
Automatically discover and classify personal information (PI) across databases, file shares, cloud storage, and endpoints.
Identify unsecured data stored in locations without proper access controls or encryption.
Detect shadow data—PI that exists outside formally managed systems or duplicates —reducing the risk of accidental exposure.
2. Data Security Posture Management: Enforcing Strong Controls
Beyond visibility, organisations need to enforce real-time security controls to prevent breaches. FIIG allegedly lacked adequate cybersecurity measures for over four years, which suggests weak or absent data protection capabilities.
With Automated Data Security Posture Management (DSPM), FIIG could have:
Proactively assessed risk exposure, identifying security gaps in systems handling PI.
Automated remediation of misconfigured data access permissions, ensuring only authorised personnel could access sensitive client information.
Enforced encryption and masking policies to protect confidential financial data at rest and in transit.
3. Continuous Compliance Monitoring and Breach Prevention
Regulated financial institutions like FIIG must comply with strict cybersecurity and privacy obligations. Automated compliance monitoring would have helped FIIG stay ahead of regulatory expectations by:
Mapping security controls to compliance requirements such as ASIC’s cybersecurity expectations, APRA CPS 234, ISO27001 and the Australian Privacy Act.
Generating audit-ready reports that could have demonstrated due diligence to regulators.
Detecting anomalous data movements, helping prevent unauthorised access before a breach occurred.
The Takeaway: A Preventable Breach
The FIIG breach highlights the dangers of failing to secure personal and financial data. Had FIIG deployed an automated solution for PI data scanning and DSPM, they could have:
Proactively identified and secured sensitive data.
Implemented strong access and encryption controls.
Continuously monitored security posture to prevent cyber risks.
Personal information protection is no longer optional—it is a fundamental business requirement. Financial institutions must embrace automation and AI-driven data privacy and security solutions to ensure data remains protected, compliance obligations are met, and customer trust is maintained.
Contact us to learn more: contact@trustworks360.com
See ASIC media release
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