Arxis says it has implemented an APRA-aligned operational resilience framework for Credit Union SA, as mutuals and other smaller financial institutions face growing regulatory and cyber security expectations without the budgets of major banks.
The Adelaide-based security services provider said the work focused on operational resilience, third-party risk, operational mapping and cyber resilience, as Credit Union SA sought to address increasing cyber risk, rising regulatory requirements and the need to modernise its technology environment following COVID-related operational challenges.
The announcement was made as small and mid-sized organisations continue to face increased compliance costs alongside legacy and fragmented technology environments. The media release cited a 2023 McKinsey report claiming cyber incidents average $39,000 per small business and that technical debt can consume up to 40% of technology value if left unaddressed.
Mark Michael, Chief Revenue Officer and co-founder of Arxis, said the engagement aimed to deliver “enterprise grade visibility, control and compliance in a cost-effective way”.
“Credit Union SA brought a number of challenges, primarily around securing their environment, reducing operational costs and aligning to their regulatory requirements,” Michael said.
“They’re in a bit of a David and Goliath situation with the big banks in terms of customers’ expectations and compliance. They don’t have the same resources, but they still need the same level of enterprise grade visibility and control to meet regulatory compliance and protect their members.”
Arxis said it consolidated multiple technologies into a single integrated security platform using Fortinet’s Security Fabric.
Daniel Kalinovic, Executive Manager IT and Security at Credit Union SA, said the credit union needed a partner with compliance and security expertise.
“Coming out of COVID, we had a real focus on our challenges, compliance, regulatory change and ensuring our members felt their money was safe,” Kalinovic said.
“Partnering with someone who understood compliance, community and our values really set the tone. That alignment was something we struggled to find with other organisations.”
Credit Union SA said it must meet similar regulatory standards to the major banks despite operating with a smaller team.
“We have to comply in a very similar way to the Big Four banks,” Kalinovic said.
“This integrated Fortinet solution from Arxis really demonstrates our commitment to operating at that level. It shows that, as a small South Australian organisation with a strong member base, we are playing with the big boys when it comes to security, governance and compliance.”
Arxis also said it was recently recognised by Fortinet as an “Expert Partner”. Tim Fitzgerald, CEO of Arxis, said the recognition was “an external endorsement” of the team’s knowledge.
