ASX:BENBanks
Does Bendigo and Adelaide Bank’s (ASX:BEN) Cyber Penalty Reshape Its Trust and Risk Narrative?
Bendigo and Adelaide Bank has acknowledged past civil proceedings brought by APRA over contraventions of the Banking Act linked to its former Alliance Bank business between 2020 and 2023, accepting a proposed A$8,000,000 penalty and A$2,600,000 in legal costs to be recorded as a non-cash item in its 2026 results.
The proceedings stem from a 2023 cybersecurity incident at Service One Alliance Bank where around 250 accounts were compromised and approximately A$140,000 was misappropriated, with...