Brokers reminded to review security fundamentals as AI reshapes the threat landscape
The Mortgage & Finance Association of Australia (MFAA) has called on mortgage brokers to strengthen their cyber resilience following guidance issued by the Australian Securities and Investments Commission (ASIC) to all Australian financial services and credit licensees.
ASIC has warned that artificial intelligence is increasing both the speed and scale of cyber-attacks, enabling new forms of exploitation across the financial services sector. The regulator is not calling for a wholesale overhaul of existing frameworks, but is urging businesses — including mortgage and finance brokers — to reinforce foundational cyber security practices.
The regulator expects business owners to understand their current cyber security position, ensure their defences are adequately resourced, and regularly review the effectiveness of existing controls.
"The good news is that meaningful protection does not require a large team or a big budget," the MFAA stated. "Mortgage brokers can take immediate steps to strengthen their cyber security posture right now."
These steps, the association said, include enabling multi-factor authentication on all business and personal accounts; using unique passwords across platforms and updating them regularly; keeping software, applications, and devices current; remaining alert to phishing emails, suspicious links, and unexpected file downloads; and avoiding saving work account credentials on personal devices or browser autofill functions.
MFAA members can access Cyber Wardens, a free online learning programme tailored to small business owners in the broking industry. The program counts towards one continuing professional development hour and is available via the MFAA Member Portal.
The Australian Signals Directorate also recommends using reputable antivirus software and consulting the latest threat guidance at cyber.gov.au.
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