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RBNZ publish guide for building cyber resilience, and more daily news

RBNZ recently published a guide on how to build cyber resilience. Deputy Governor and General Manager of Financial Stability Geoff Bascand noted that the cyber space has been identified as a significant source of operational risk for financial institutions. The guideline focuses on what RBNZ’s expectations are and uses material from national and international cybersecurity standards. Bascand announced that a draft guideline has been published and is open for feedback. 

“The Reserve Bank – Te Pūtea Matua is today releasing draft guidance on what regulated entities should consider when managing cyber resilience.

The cyber world has long been recognised as a significant source of operational risk for financial institutions, Deputy Governor and General Manager of Financial Stability Geoff Bascand says.

The draft guidance, which is open for feedback, outlines the Reserve Bank’s expectations around cyber resilience, and draws heavily from leading international and national cybersecurity standards and guidelines.

“As cyber risk continues to rise, there is growing awareness that cyber incidents could present risks to the stability of the entire financial system. Improving cyber resilience has become a key priority for prudential regulators around the world,” Mr Bascand says.”

RBNZ is set to run the consultation until 29 January 2021 as they believe the management of cyber resilience is a shared responsibility. The guideline works around related publications from other official agencies. After the 14 weeklong consultation period, RBNZ will release the final guideline.

“We recognise that managing cyber resilience is a shared responsibility and that it is important to collaborate and coordinate with all relevant stakeholders. The proposed guidance and our information collection plans have been designed to complement the work of other government agencies with a direct interest in promoting cyber resilience in the financial sector – including the Financial Markets Authority, the National Cyber Security Centre and the Computer Emergency Response Team.”

The consultation is open for 14 weeks and closes on 29 January 2021. The Reserve Bank will release the final guidance early next year.” Click here to read more

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