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4.1 security data & hijacking of companies (australia)

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  • 1. Security of Data Hijacking of Companies Corporate Registers Forum Mauritius April 2010 Rosanne Bell, Senior Executive Leader Registry Services and Licensing, Australian Securities and Investments Commission www.asic.gov.au [email_address] The Integrity of Corporate Registers
  • 2. Australia
  • 3. Australia
    • Australia's land area : 7.7 million square kilometres
    • Australia's population : 22 million
  • 4. Australia - Uluru
  • 5. Australia – Great Barrier Reef
  • 6. Australia - Sports
  • 7.
  • 8. CRF Melbourne 2005
  • 9. ASIC
    • ASIC is Australia’s corporate, markets, financial and credit services regulator.
      • Our responsibilities are to:
      • maintain, facilitate and improve the performance of the financial system and entities in it
      • promote confident and informed participation by investors and consumers in the financial system
      • administer the law effectively and with minimal procedural requirements
      • enforce and give effect to the law
      • receive, process and store, efficiently and quickly, information that is given to us
      • make information about companies available to the public as soon as practicable
    See our website at www.asic.gov.au
  • 10. ASIC
    • 1,800 total ASIC staff
    • 400 Real Economy staff – the ‘front door’ to ASIC
    • 200 registry and licensing staff
    • Appropriation model
  • 11. 16 Public Registers
    • Companies (1.74 million)
    • Disqualified Company Directors and Other (2,515)
    • Company Charges (1.33m)
    • Registered Australian Bodies (1,023)
    • Foreign companies (3,195)
    • Reserved Names
    • Managed investment schemes (4,895)
    • Australian Financial Services Licensees (4,876)
    • Authorised Representatives of Australian Financial Services Licensees (62,866)
    • Auditors (5,295)
    • Liquidators (664)
    • Official Liquidators (498)
    • Banned or Disqualified Persons (3,044)
    • Trustee Debenture Holders
    • Licensees (search only)
    • Futures Licensees (search only)
  • 12. New Registers
    • National Consumer Credit, July 2010, 10,000
    • National Business Names, April 2011, 1.8 million
    Register 24/7
  • 13. Registry Modernisation
    • Provide outstanding and cost effective services to all Real Economy Stakeholders through:
      • Upgrading technology
      • New and improved online services
      • Customer centric approach
      • Connectivity
  • 14. ASIC’s Companies Register
    • Over 1.7 million companies
      • Public 21,439
      • Proprietary 1,721,507
    • 150,000 company registrations per annum
    • 4.7 million officeholder roles
      • Directors 3,054,615
      • Secretaries 1,675,880
    • 30,000 financial accounts pa
    • 800,000 changes of details pa
  • 15. Annual Review
    • Annual statement issued at review date
    • Review company details and notify changes
    • Pay annual review fee
    • Pass a solvency resolution and notify as required
  • 16. Global Financial Crisis
    • 2008/09:
    • Company registrations down 8.7%
    • Voluntary company deregistration up 10%
    • Registrations of charges over company assets down 14.6%
    • External Administrations up 26.5%
    • Registry searches up 15%
  • 17. Registry Clients
  • 18. Channels
    • over 70% of lodgements online
    • 85% company
    • registrations online & digital certificates
  • 19. Current Authentication Model
    • Features:
    • Legislation
    • Government direction
    • Process and Technology
  • 20. Legislation
    • No unique person identifier
    • No validation of signatures on paper documents
    • No person validation or proof of identify
  • 21. Authentication Process and Technology
    • Corporate Key
    • Authorising a Registered Agent
  • 22. Data Integrity Checks
    • Data validation
      • Annual Review
      • Confirmations
      • Data exchanges
      • Government interoperability
    • Technology
  • 23. Evidence Of Problems
    • Data integrity issues:
    • Duplicates
    • Addresses
    • Out of date data
  • 24. Compliance Tools
    • False lodgement
    • Bannings
    • Civil remedies
    • Criminal remedies
  • 25. Evidence Of Problems
    • Fraud:
    • Registry complaints of fraudulent activities
    • Bud Gerigar and Humphrey B Bear
  • 26. Meeting The Challenge
    • Government position
    • Australian Crime Commission
    • National Identity Security Strategy
  • 27. Meeting The Challenge
    • National ‘e’ Authentication framework:
    • Balancing risk and user experience
    • Agency specific model
    • Reuse of credentials
    • 5 levels of security
  • 28. Meeting The Challenge
    • ASIC’s implementation of the National ‘e’ Authentication framework
    • AUSKey
    NeAF Level ASIC Solution Level 0 Direct public access, no authentication necessary Level 1 Basic authentication (username / password ) Level 2 Digital certificates (such as Auskey) Level 3 No present solution. 'two factor‘ authentication Level 4 No present solution & unlikely.
  • 29. Summary
    • ASIC functions and registers
    • Technology and registry modernisation program
    • Data quality challenges
    • Fraudulent activity
    • Government priorities
    • ASIC direction