Rising Tide Blog

Your privacy is important – cybersecurity and ASIC obligations

Posted by Matt Hale

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For most, cybersecurity unexpectedly became a hot topic last year.

Thankfully, though, it’s been on our agenda for a few years and we’ve continued to improve the systems and processes we have in place over that time.

At the back end of 2022, we underwent a full cyber review, carried out by an external consulting business, and are now working through the implementation process.

Alongside that review, our client relationship management software has multi-factor authentication (MFA) and we use the Microsoft suite of tools with top-tier level security (including MFA).

Finally, we have moved the majority of clients onto the Rising Tide app, where all communication with your Rising Tide advisers and admin team occurs in a WhatsApp-style chat room, which can only be accessed by you and us.

The driver behind the change to the app is that, as Forbes wrote, email is often the most vulnerable avenue for businesses.

We are aware that, for some, moving from emails to the Rising Tide app may cause an element of frustration but the security of your data is of the utmost importance to us.

Whilst on the topic of security and privacy, I would love for anyone that has their lending with us to take a minute to read this blog. We have recently implemented some changes that help improve your ability to continually secure the most competitive interest rate, but this requires some action from you and the blog will explain what that is in more detail.

Finally, you may notice our team asking for more proof of identification at certain times when liaising with you. This is because ASIC (the regulator) has ramped up their requirements when it comes to ID clarification and confirmation. We appreciate your help and patience with this process!

As always, if you have any queries or thoughts, please feel free to drop me a line.

Thank you for your support of Rising Tide again in 2023; we are incredibly appreciative.

Matt Hale – Director @ Rising Tide.