Cyber-attacks significant threat but RBNZ says no need for prescriptive requirements

Tue, 18 Jul 2017

By Rebecca Howard July 19 (BusinessDesk) - Cyber-attack poses a significant threat to the global financial system but the Reserve Bank has decided not to introduce more prescriptive requirements at this stage due to the swiftly changing nature of both the threats and the technology, said Reserve Bank head of prudential supervision Toby Fiennes. "The nature and incidence of cyber risk is unique, meaning that typical approaches to risk management and disaster recovery planning may not be appropriate. While cyber vulnerabilities can be mitig...

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