Base2Services gains APRA financial security certification

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Base2Services gains APRA financial security certification
Arthur Marinis (Base2services)
Base2services

Base2Services has been audited and approved as an Australian Prudential Regulation Authority (APRA) CPS234 supplier to the financial industry.

This will allow the Melbourne-based cloud services company to work with companies whose information is subject to APRA regulations.

Compliance to CPS234 ensures that APRA-regulated entities, like financial institutions, insurance companies and superannuation funds have sufficient security for sensitive information and can quickly respond to attacks or breaches. 

As these entities increasingly use third-party tools and services it is mandatory that third-party providers are also CPS234 compliant.

Base2Services managing director Arthur Marinis said the compliance certification also gives customers confidence that they are partnered with an organisation that understands modern security risks.

"As we continue to strive to reduce risk and improve the cybersecurity of our services, CPS234 compliance ensures that we maintain information security systems and practices that are appropriate to the potential threats we and our customers face. This includes risk management techniques to reduce the likelihood and impact of incidents.

"Our customers are not just looking for security, they want a partner that can demonstrate compliance with multiple cybersecurity standards and frameworks, whilst being able to assess and address potential issues."

Base2services provides security-as-a-service for customers, as well as consultation and solutions to help meet compliance requirements for organisations looking to work with sensitive financial information and data in the cloud.

Established in 1998 by the Australian Government, the core purpose of the APRA is to provide communities with assurance as to the financial behaviour of institutions under all reasonable circumstances.

As of 1 July 2020, third parties that handle information assets associated with any APRA regulated entity need to adhere to CPS234 and attest to the security controls established when requested by the APRA regulated entity.

Founded in 2005, Base2services was the first Australian company to launch a managed AWS service in 2006. Last year, it was one of two local companies to gain AWS SaaS competency status.

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