Bendigo and Adelaide Bank has acknowledged failures under the banking executive accountability regime in connection with a 2023 cyber incident affecting its Alliance Bank unit. Bendigo Bank has admitted it failed to keep adequate authentication controls in place to prevent and detect unauthorised access to Alliance Bank customer accounts. The parties have proposed that Bendigo Bank pay a pecuniary penalty of A$8m for the contraventions, subject to approval by the court. APRA deputy chair Therese McCarthy Hockey said: "Bendigo Bank is financially sound and comfortably above its core capital and liquidity requirements. However, as Australia's sixth largest bank, we expect Bendigo Bank to have robust and sophisticated cyber security systems and practices.