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Insignia Financial Unveils New Cybersecurity Plan

Quick Read

• Insignia Financial embarks on a new chapter in cyber security investment.
• An ASX-listed superannuation fund is looking for a new head of cyber security.
• Allocated budget and operational framework for the new cybersecurity strategy.
• The existing cyber team is crucial in protecting assets.

Insignia Financial, a superannuation fund listed on the ASX, is making substantial progress in its cyber security initiatives by allocating resources to a thorough upgrade of technology and procedures. This ambitious action marks the onset of a renewed dedication to enhanced security and resilience within the company.

New Cyber Security Leadership

Insignia Financial is seeking a new head of cyber security strategy and governance as part of its forward-thinking approach. The chosen candidate will be responsible for designing the company’s cyber security framework, with the support of a dedicated budget and an approved operating model.

The job listing emphasizes this position as a chance for a new beginning, allowing the incoming leader to influence the future direction of cyber security at Insignia Financial.

Existing Cybersecurity Framework

Appointed as the general manager of cyber security in October, James Ng is currently spearheading the overall strategy. His leadership ensures that the cyber team plays a crucial role in protecting the organisation’s information assets and reducing cyber risks.

A New Beginning for Cyber Resilience

The newly appointed head of cyber security will play a crucial role in developing a strong framework that enhances resilience against cyber threats. This position involves not only upholding current standards but also advancing the company’s abilities to tackle future challenges.

The company’s proactive approach underscores its commitment to upholding the highest standards of security and safeguarding its members’ information and assets.

Summary

Insignia Financial’s commitment to a new wave of cybersecurity signifies a major advancement in boosting resilience and defense. By recruiting fresh leadership and designating specific resources, the firm is well-prepared to tackle and surmount upcoming cyber threats adeptly.

What is the primary objective of Insignia Financial’s newly implemented cyber strategy?

The primary objective is to enhance security and resilience by updating the organization’s technology and procedures.

Who is currently heading the cyber strategy at Insignia Financial?

James Ng, the general manager of cybersecurity, has been leading the overall strategy since October.

What kind of support will be available to the new head of cybersecurity?

A: The new leader will receive a specific budget and an authorized operating model, allowing them to establish a strong cybersecurity structure.

Why has Insignia Financial decided to invest in this new strategy?

The goal of the investment is to enhance resilience against cyber threats and to protect the organization’s information assets effectively.

Q: In what ways does this approach advantage the members of Insignia Financial?

By strengthening the security framework, the company guarantees improved safeguarding of members’ data and assets against possible cyber threats.

Where can an individual submit an application for the role of head of cyber security?

Interested candidates can apply via job portals like Seek by looking up CISO positions or visit TechBest for the latest information.

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Microsoft Resolves $20.9 Million Investigation Regarding California Worker Leave

Quick Read

• Microsoft agrees to a $14 million ($20.9 million) settlement regarding worker leave claims.
• Allegations comprised retaliatory actions against employees who took parental, disability, pregnancy, and family-care leave starting from 2017.
• The settlement requires approval from a state judge.
• Microsoft refutes any allegations of misconduct but agrees to implement policy revisions and provide training.
• The California Civil Rights Department has a track record of securing substantial settlements in comparable cases.

Historical Context of the Settlement

The California Civil Rights Department (CRD) has alleged that Microsoft has been penalizing its employees in California who have taken various types of leave, such as parental, disability, pregnancy, and family-care leave, since 2017. These employees, many of whom are women and individuals with disabilities, reportedly received lower performance-review scores, adversely affecting their salaries, promotions, and career progression.

Specifics of the Accusations

Based on the CRD filings in state court, Microsoft retaliated against employees by withholding raises, promotions, and stock awards. This practice had a disproportionate impact on women and disabled workers. The department’s investigation, which spanned several years, determined that these actions infringed upon worker rights.

Microsoft’s Response

Upon agreeing to the settlement, Microsoft denied any misconduct. A company representative asserted that Microsoft is dedicated to fostering an environment that encourages employees to take leave when necessary and provides flexibility and support for their professional and personal development.

Other Major Settlements

The CRD has obtained numerous notable settlements in recent years. These consist of:

• A $100 million agreement with the video game developer Riot Games in 2021.
• A settlement worth $54 million with Activision Blizzard that occurred last year.
• A $15 million settlement with Snap, the parent company of Snapchat, last month.

Impact on Workers

The number of workers who will benefit from the settlement is still uncertain. Microsoft has about 6,700 employees in California. The settlement is intended to offer direct assistance to affected workers and to prevent future instances of discrimination.

Commitments from Microsoft

Alongside the monetary settlement, Microsoft has committed to implementing a series of actions to guarantee adherence to non-discriminatory practices.

• Engaging an external consultant to assess corporate policies.
• Enabling employees to voice their grievances without apprehension of retribution.
• Offering training programs to managers and human resources staff.

Summary

Microsoft has agreed to pay a $20.9 million settlement to address accusations by the California Civil Rights Department that it discriminated against employees taking medical or family-care leave. While the tech company has denied any misconduct, it has pledged to implement policy changes and training to avoid future discrimination.

Q&A

What led to the inquiry into Microsoft’s actions?

A:

The California Civil Rights Department initiated an investigation into Microsoft’s practices after receiving reports that employees who took different types of leave were being unjustly penalized regarding raises, promotions, and performance evaluations.

Q: What was the number of employees impacted by these practices?

A:

The precise number of employees impacted is uncertain; however, Microsoft has approximately 6,700 employees in California. The settlement seeks to offer assistance to all affected workers.

Q: What measures is Microsoft implementing to ensure adherence in the future?

A:

Microsoft has committed to bringing in an independent consultant to assess its policies, enabling employees to voice complaints without concern of retaliation, and offering training to managers and HR staff.

Q: Has Microsoft acknowledged any misconduct?

A:

Microsoft has denied any misconduct in this issue. The company asserted that it disagrees with the accusations but is dedicated to supporting its employees.

Q: Have other companies encountered similar accusations?

A:

Certainly! Here’s the reworded text:

Indeed, organizations such as Riot Games, Activision Blizzard, and Snap Inc., the parent company of Snapchat, have encountered comparable accusations and have negotiated substantial settlements with the California Civil Rights Department in the past few years.

What responsibilities does the independent consultant have?

A:

The freelance consultant will verify that Microsoft’s guidelines are fair to employees taking leave and will assist in making required adjustments to foster an inclusive workplace.

Q: How will this settlement influence Microsoft’s general policies for employees?

A:

This agreement is expected to result in stricter supervision and modifications to Microsoft’s employment policies, with the goal of fostering a fairer workplace where taking leave does not lead to unjust punishments.

Queensland Requires Risk Assessments for AI and Automated Decision-Making Systems

Quick Read

• Queensland will require risk assessments for AI and automated decision-making (ADM) in public sector initiatives.
• Evaluations conducted internally and examinations by external parties will be necessary.
• The AI governance policy and its accompanying AI risk assessment framework are in the final stages of development.
• Possible implementation of the ISO42001 AI Management System Standard.
• Current frameworks, such as the ICT Investment Review, will be incorporated into the new policy.
• QGCDG currently assists departments with the planning and implementation of AI projects.
• Examples of AI initiatives include employing drones in farming and the QChat conversational agent.

Implementation of Compulsory Risk Assessments

The Queensland government plans to implement compulsory internal assessments and external evaluations for public sector projects that utilize artificial intelligence (AI) and automated decision-making (ADM). The objective of this initiative is to identify and manage the unique risks linked to these technologies.

Formation of AI Regulation Strategy

As stated by Chris McLaren, who holds the position of Queensland’s Chief Customer and Digital Officer, the Queensland Government Customer and Digital Group (QGCDG) is nearing completion of an AI governance policy. This policy is accompanied by an AI risk assessment framework that aims to direct the implementation of AI within multiple government sectors.

Adopting Industry Standards

The QGCDG is also considering the implementation of the ISO42001 AI Management System Standard along with other relevant industry standards. This would facilitate the identification and management of AI risks throughout their lifecycle within the Queensland government.

National Framework Agreement

All the ministers responsible for data and digital matters from the federal and state territories recently concurred on a national framework that advises, but does not require, assurance scoring and controls for government projects. This framework highlights the importance of internal evaluations and external reviews, dependent on financial and risk criteria.

Existing Implementations in Additional States

New South Wales (NSW) and Western Australia (WA) are presently the sole states that have implemented these types of systems. NSW’s system pertains exclusively to projects incorporating AI, while WA’s encompasses both AI and ADM projects.

Range of the New Framework

Although QGCDG’s framework is currently in its finalization stage, it is set to encompass both AI and ADM in extensive projects. This new policy will be incorporated into existing mandatory systems like the ICT Investment Review and the portfolio, program, and project assurance framework.

Continuous Assistance for AI Initiatives

Even though new frameworks have been introduced, QGCDG has been assisting departments in the planning and implementation of AI projects. The existing assurance process considers risk factors associated with AI and ADM. When needed, risks are addressed with the Digital Economy Leaders Sub-Group, responsible for overseeing digital investments.

Examples of Ongoing AI Initiatives

One significant initiative features the Department of Agriculture and Fisheries utilizing drones with classification algorithms to detect weeds in sugarcane fields. Another instance is QChat, a supportive chatbot implemented in multiple departments to enhance customer facilitation, regulatory technology, productivity, and cybersecurity.

Future Assurance Measures

All artificial intelligence initiatives under the Queensland government are presently documented with the QGCDG. They use an assurance profiling instrument to decide if just an internal evaluation is sufficient or if an extra external review is needed. The upcoming policy will establish the assurance check requirements for forthcoming projects.

Summary

The Queensland government is on the verge of introducing compulsory risk assessments for AI and ADM in public sector initiatives. The goal of this measure is to guarantee that risks are properly assessed and managed. Supported continuously by QGCDG, various departments have started incorporating AI into diverse applications, such as agriculture and customer service. The upcoming policy will offer an organized framework for future technology implementations, aligning with national standards and improving oversight.

What is the primary goal of Queensland’s newly implemented policy regarding AI and ADM?

The primary goal is to assess and reduce risks linked to AI and ADM in public sector initiatives by requiring both internal evaluations and external audits.

What criteria could Queensland establish for governing AI-related risks?

Queensland is considering implementing the ISO42001 AI Management System Standard in addition to other pertinent industry standards.

Which states have already adopted comparable systems?

New South Wales (NSW) and Western Australia (WA) have implemented comparable systems. NSW concentrates exclusively on AI initiatives, whereas WA encompasses both AI and ADM initiatives.

How will the new policy be incorporated into the current frameworks?

The new AI risk assessment framework is set to be integrated into current mandatory systems such as the ICT Investment Review and the portfolio, program, and project assurance framework.

Could you give some examples of ongoing AI projects in Queensland?

Illustrations encompass the Department of Agriculture and Fisheries utilizing drones to identify weeds in sugarcane plantations and the QChat chatbot employed across multiple customer service scenarios.

What current support does QGCDG offer for AI projects?

QGCDG assists departments by providing expert consultants in data and artificial intelligence to assess and minimize risks during the planning and implementation of AI projects.

What will the upcoming policy outline concerning assurance checks moving forward?

The upcoming policy will detail the degree of assurance checks required for governmental AI and ADM initiatives moving forward.