Australia Court Fined Nomura Indirect Subsidiary Australia $3.1 Billion Fixed Income Specialist FIIG Securities $2.1 Million (AUD 3 Million) in Penalties & Costs for Failure to Protect Clients from Cyber Security Threats with 18,000 Clients Personal Information Possibly Compromised in 2023 Cyberattack (Include Driver Licences, Passport Information, Bank Account Details & Tax File Numbers)
14th February 2026 | Hong Kong
An Australia court has fined Nomura indirect subsidiary Australia $3.1 billion fixed income specialist FIIG Securities $2.1 million (AUD 3 million) in penalties & costs for failure to protect clients from cyber security threats, with 18,000 clients personal information possibly compromised in 2023 cyberattack (Include driver licences, passport information, bank account details & tax file numbers). ASIC (9/2/26): “Australian fixed-income specialist, FIIG Securities Limited (FIIG), has been ordered to pay $2.5 million in pecuniary penalties after ASIC brought a case against the firm for failures to protect thousands of clients from cyber security threats for more than four years. FIIG’s failures worsened a 2023 cyber-attack which saw around 385 gigabytes of confidential information stolen and highly sensitive client data leaked onto the dark web – including driver’s licences, passport information, bank account details and tax file numbers. FIIG notified some 18,000 clients that their personal information may have been compromised. FIIG admitted that it failed to comply with its Australian Financial Services (AFS) licence obligations and that adequate cyber security measures – suited to a firm of its size and the sensitivity of client data held – would have enabled it to detect and respond to the data breach sooner. It also admitted that complying with its own policies and procedures could have supported earlier detection and prevented some or all of the client information from being downloaded. The Federal Court today ordered FIIG to pay a $2.5 million penalty and pay $500,000 towards ASIC’s costs. The Court also ordered FIIG to undertake a compliance programme involving the engagement of an independent expert to ensure its cyber security and cyber resilience systems are reasonably managed.” In June 2025, FIIG Securities was acquired by AUSIEX, Australia’s leading wholesale trading platform and a wholly owned subsidiary of Nomura Research Institute, Ltd. (NRI). More info below:
“ Australia Court Fined Nomura Indirect Subsidiary Australia $3.1 Billion Fixed Income Specialist FIIG Securities $2.1 Million (AUD 3 Million) in Penalties & Costs for Failure to Protect Clients from Cyber Security Threats with 18,000 Clients Personal Information Possibly Compromised in 2023 Cyberattack (Include Driver Licences, Passport Information, Bank Account Details & Tax File Numbers) “
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FIIG’s cyber security failures between 13 March 2019 to 8 June 2023 included examples where it did not:
- allocate the necessary financial resources to have suitably qualified and experienced people available, or implement adequate technological resources to manage cyber security
- implement adequate cyber security measures, including multi-factor authentication for remote access users, strong passwords and access controls for privileged accounts, appropriate configuration of firewalls and security software, regular penetration testing and vulnerability scanning
- have a structured plan to ensure key software systems were being updated to address security vulnerabilities
- have qualified IT personnel monitoring threat alerts to identify and respond to cyber-attacks
- provide mandatory cyber security awareness training to staff, and
- have an appropriate cyber incident response plan that was tested at least annually.
ASIC expects AFS licensees to prioritise cyber-resilience and invest in people, systems and governance which are fit-for-purpose for entity size and the sensitivity of client information held.
Background
- FIIG provides retail and wholesale investors with access to fixed income investments and bond financing. As an AFS licensee, FIIG plays an important role in providing custodial and trading services, maintaining records of client investments, and holding funds and fixed income investments on behalf of its clients. At the time of non-compliance, FIIG held approximately $3 billion in client assets under management.
- ASIC identified cyber-attacks, data breaches and/or inadequate operational resilience and crisis management within its 2026 key issues outlook, and expects AFS licensees to prioritise and invest in systems that protect their customers and maintain integrity in the financial system.
- This case was ASIC’s second cyber security enforcement action. In May 2022, the Federal Court ruled AFS licensee, RI Advice, had breached its license obligations to act efficiently and fairly when it failed to have adequate risk management systems to manage its cyber security risks (22-104MR).
- ASIC filed civil proceedings against financial advice business Fortnum Private Wealth Limited in July 2025, alleging it failed to properly manage and mitigate cyber security risks (25-143MR).
FIIG has admitted it failed to comply with its AFS licence obligations by:
- failing to take all necessary steps to ensure its financial services were provided efficiently, honestly and fairly, including by not having adequate measures in place to protect clients from the risks and consequences of a cyber incident
- failing to have available adequate financial, technological and human resources to comply with its obligations and support adequate cyber security measures, and
- failing to have an adequate risk management system manage or mitigate cyber security risks to FIIG and its clients.
ASIC’s regulatory resources include further information about cyber security and cyber resilience:
ASIC also recommends organisations and investors to consider advice from the Australian Signals Directorate’s (ASD) Australian Cyber Security Centre.
The ASD provides easy to understand advice about what to do when organisations and investors suffer a data breach via their Report and recover webpage.
FIIG Securities – AFIIG Securities is Australia’s leading fixed income specialist. For over 27 years, we’ve been providing investors with direct access to bond markets and a range of term deposits and other cash solutions. We also help Australian corporates fund their growth through access to bond markets. We’re Australia’s largest specialist fixed income provider with over $4.5bn of funds under advice. Through our market-leading research and education initiatives, we empower investors with knowledge and insights into the fixed income asset class. To our clients, we are their trusted partner, leading them to intelligent fixed income investment options and assisting them in achieving a balanced portfolio with steady, reliable returns. Our highly experienced team provides expert knowledge of local and international bonds, term deposits, and other cash products. With offices in Sydney, Melbourne, Brisbane, and Perth, our team provides support to our clients across Australia. In June 2025, FIIG Securities was acquired by AUSIEX, Australia’s leading wholesale trading platform and a wholly owned subsidiary of Nomura Research Institute, Ltd. (NRI), to expand its range of products and services to meet the wider needs of traders, advisers and investors.
Australia Court Fined Nomura Indirect Subsidiary Australia $3.1 Billion Fixed Income Specialist FIIG Securities $2.1 Million (AUD 3 Million) in Penalties & Costs for Failure to Protect Clients from Cyber Security Threats with 18,000 Clients Personal Information Possibly Compromised in 2023 Cyberattack (Include Driver Licences, Passport Information, Bank Account Details & Tax File Numbers)
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