Xinja leverages the UpGuard platform for CPS 234 compliance

By Edil Corneille

Australia’s neobank Xinja is leveraging Mountain View-based company UpGuard to understand its own external security posture by first-party security ratings and continuous monitoring of its third-party risks. As an Australian Prudential Regulation Authority-regulated authorised deposit-taking institution (ADI), Xinja must comply with the APRA prudential standards.

APRA is a financial services industry regulator and it establishes and enforces prudential standards designed to ensure that under all reasonable circumstances, financial promises made by the institutions it supervises are met within a stable, efficient, and competitive financial system.

Xinja needed a cybersecurity tool to help them reduce the operational overhead of complying with APRA Prudential Standard CPS 234 Information Security which aims to ensure that an APRA-regulated entity takes measures to be resilient against information security incidents (including cyberattacks) by maintaining an information security capability commensurate with information security vulnerabilities and threats. This includes information assets managed by related or third-parties.

Xinja uses the UpGuard platform to help with three aspects of CPS 234 compliance:

• Continuous monitoring of related and third-parties who manage information assets: UpGuard Vendor Risk provides Xinja with always up-to-date, third, and fourth-party security ratings and monitoring capabilities.
• Increased rigor in vendor procurement and assessment: Beyond security ratings, UpGuard Vendor Risk’s security questionnaire library provides Xinja with the tools they need to assess not only the external security posture of current and potential vendors but also internal security controls.
• An understanding of Xinja’s own external security posture: UpGuard BreachSight provides continuous monitoring and first-party security ratings, as well as data leak and leaked credential detection for Xinja, giving them a clear understanding of their own external security posture.

UpGuard’s team spent time at Xinja to help them onboard onto the platform and provided training so as to get the neobank’s team to speed.