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FMA says cyber security must be a priority, publishes info sheet, and other news

The Financial Management Authority (FMA) says cyber security must be a priority for the financial sector. The FMA has published an info sheet to help financial services firms enhance the resilience of their technology and operational systems and meet relevant license obligations.

The Info sheet covers: how to self-evaluate your cyber resilience against the NIST cybersecurity framework functions (identify, protect, detect, respond, recover); understanding the threat landscape and key risks; reviewing your supply chain risk; governance recommendations; training; ensuring incident response and management plans are in place; how to notify any threats; remediation for customers; and post incident reporting.

The FMA reminded the financial industry of two obligations that are part of its licencing regime:

“to have, at all times, adequate and effective systems, policies, processes and controls that are likely to ensure you will meet your market services licensee obligations in an effective manner.”

“IT systems used to deliver the licensed market service must be secure and reliable. Your arrangements ensure they perform efficiently and the associated risks are managed.”

Chartered Accountants Australia New Zealand have also created a hub with info, tools and resources to help SMEs strengthen their cyber resilience and manage a cyber attack.

NZ’s national cybersecurity agency, CERT NZ, says that phishing is the most commonly reported cyber scam in NZ, making up almost 71% of all reports.

Craig Weber, insurance practice leader at Cognizant, writes in Insurance Business Mag that due to increased working from home, the surface vulnerable to cybersecurity threats has increased and that insurers are working at capturing that data and building it into their risk and analytics.

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Financial Advice Code Committee names new members: Karen Coutts and Erin Jurgeleit

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