Financial Services Privacy Act IT Compliance Perth

IT controls for Privacy Act compliance in Perth financial services — what's required and how DM1 implements it.

Privacy Act Obligations for Perth Financial Services Businesses

Financial services businesses in Western Australia — including mortgage brokers, financial advisers, accountants, insurance brokers and finance companies — handle sensitive personal and financial information subject to the Privacy Act 1988 (Cth), the Australian Privacy Principles, and sector-specific requirements from ASIC, APRA and other regulators.

DM1 is an IT provider, not a financial services compliance adviser. This page describes IT controls relevant to privacy compliance. For guidance on regulatory obligations, consult a qualified compliance adviser or your professional body.

IT Controls for Privacy Compliance in Financial Services

"Client financial data restricted to authorised staff only"

Financial data must not be accessible beyond those who need it. DM1 configures role-based access in SharePoint and Microsoft 365 so client financial information is appropriately restricted.

"MFA enforced on all accounts"

Credential theft is the primary attack vector against financial services firms. MFA is the primary defence. DM1 enforces MFA for all users and blocks authentication methods that bypass it.

"Data retention policies for financial records"

ASIC and ATO requirements mean financial records must be retained for specified periods. DM1 configures Microsoft 365 retention policies aligned to your retention requirements.

"Encrypted communication for sensitive client information"

Sensitive financial information sent by email should be encrypted. DM1 configures Microsoft Purview sensitivity labels and secure document sharing.

"Audit trail for all access to financial data"

In the event of a complaint or investigation, you need complete records of who accessed client data and when. DM1 enables audit logging with appropriate retention.

"Secure third-party and cloud application access"

Financial services businesses use multiple cloud platforms. DM1 reviews application permissions in Microsoft Entra ID and ensures third-party apps have appropriate access only.

How DM1 Implements IT Compliance Controls

Compliance Gap Assessment

DM1 reviews your current Microsoft 365 and device configuration and identifies where controls are missing or insufficient for a financial services environment.

Priority Control Implementation

DM1 implements MFA, Conditional Access, data classification, retention policies and audit logging in order of risk — with no disruption to business operations.

Ongoing Management and Evidence

DM1 maintains controls and can provide documented evidence of security posture for PI insurance, regulatory enquiries, or internal governance requirements.

What DM1 Finds at Financial Services Onboarding

DISCOVERED DURING DM1 NEW CLIENT ONBOARDING

Client tax returns and financial statements in a Dropbox shared with all staff

A Perth accounting firm was storing all client financial documents in a shared Dropbox folder accessible to every staff member. DM1 migrated to SharePoint with client-specific access permissions and audit logging.

DISCOVERED DURING DM1 NEW CLIENT ONBOARDING

Financial adviser with no Conditional Access — account compromised, client data accessed

A Perth financial advisory had no Conditional Access on their Microsoft 365 tenant. An adviser's account was compromised and client portfolio data was accessed. DM1 was called in after the incident to contain the breach and implement controls.

DISCOVERED DURING DM1 NEW CLIENT ONBOARDING

CRM application granted full Microsoft 365 admin access

A Perth financial services firm had a CRM integration that had been granted Global Admin permissions to their Microsoft 365 tenant. DM1 revoked the permission and reconfigured the integration with minimum required access only.

This page provides information about IT controls relevant to privacy compliance for financial services businesses. It does not constitute financial services compliance or legal advice. Consult a qualified compliance adviser for guidance on your specific regulatory obligations.

Get Your Financial Services IT Controls in Place

DM1 implements IT security controls for Perth financial services businesses. Call (08) 6202 6012 to discuss your current setup.

Contact DM1 Today (08) 6202 6012