AFG credit representatives cyber security requirements 

Since 1 January 2025, new cyber security requirements have taken effect under the AFG Credit Representative agreement, ensuring brokers have the right protections in place to safeguard client data and business operations. 

To help you stay compliant, we’ve developed a Cyber Ready Checklist outlining the key requirements. Download it at the bottom of this article and use it as a step-by-step guide. 

Cyber security requires specialist support 

Just as you rely on accountants for financial advice or legal professionals for compliance guidance, cyber security is a specialised field that requires expert support. Every brokerage has unique IT needs, so it’s essential to find a trusted IT partner who understands your systems and can help implement the necessary protections. 

Many businesses use Microsoft services, making their vendor accreditation and search tool a great resource for finding verified IT partners in your local area. You can access this service here, just make sure you set the location to your city or town. 

If you choose to engage an IT provider, we recommend conducting your own due diligence to ensure their services align with your business needs and provide the level of security required.

Cyber Insurance Available for AFG Brokers 

Cyber security is one of the most serious challenges businesses face today. In FY24, the Australian Signals Directorate received over 87,400 cyber-crime reports—an average of one every six minutes. Cyber-attacks cost Australian SMEs an estimated $29 billion annually, and in the worst cases, a serious cyber breach can be a business-ending event. 

While prevention remains the best strategy against cyber threats, even the most robust security measures can be compromised. That’s where cyber insurance can provide an additional layer of protection, helping businesses respond to breaches and mitigate financial fallout. 

To help brokers manage this risk, AFG is now referring brokers to cyber insurance provider Coalition, via our insurance broker JMD Ross, as an option for cyber liability insurance. 

What Does Coalition’s Cyber Insurance Cover? 

Coalition’s Active Insurance offers: 

• Tailored coverage for data breaches, ransomware, and business interruption 

• 24/7 support for cyber risk management and incident response 

• Risk management tools to help prevent and mitigate cyber threats 

While cyber liability insurance is not currently mandatory, it makes sense to insure your business against cyber threats, just as you would insure your home against fire or flood damage.

How to Obtain a Cyber Insurance Quote 

If you are interested in obtaining a quotation, please complete the question set on the JMD Ross website here. 

Next steps 

• Review the cyber ready checklist – Download it below and assess what actions you need to take. 
• Engage an IT professional – Consider seeking expert support to implement the required security measures. 
• Consider cyber insurance – Explore how insurance can provide an additional layer of protection for your business. 
• Stay informed – Cyber threats are constantly evolving, so keep up to date with best practices and industry guidance. 

Download the Cyber Ready Checklist here.