New website launched during Cyber Smart Week 2023
The Financial Markets Authority (FMA) is reinforcing the significance of cyber resilience to licensed financial service providers as it celebrates Cyber Smart Week 2023.
Cyber Smart Week, taking place from Oct. 30 to Nov. 5, is CERT NZ's annual campaign to raise the importance of being secure online, by showing New Zealanders what’s at stake when they don’t get cybersecurity right.
Cyber Smart Week also marks the official launch of CERT NZ’s new website, called Own Your Online, offering guidance on common cyber threats and practical cybersecurity advice for individuals and businesses.
All Cyber Smart Week materials directing users to this new platform, which can be found here.
FMA urged all financial service providers to prioritise online protection, especially given the escalating risks of online scams and data breaches. Effective cyber risk management by financial service providers plays a pivotal role in enhancing the operational resilience of these entities.
Some FMA-licensed entities are required to report to FMA when any event significantly affects the cybersecurity of their critical technology systems, which may arise from cyber-related events.
In a 2019 thematic review of cyber resilience within FMA-regulated entities, it was found that while most participants were aware of the growing cybersecurity risks and considered themselves highly capable of protecting against and recovering from such threats, they rated their capabilities lower in terms of identifying and reacting to cyber threats. The participants also anticipated a general improvement in their cyber resilience over the next two years.
Paul Gregory (pictured above), FMA executive director of response and enforcement, underscored that in cyber risk, “prevention is better than cure.”
“The FMA encourages all financial service providers to understand cyber threats and to ensure their systems are resilient to best protect themselves and their customers,” Gregory said in a media release.
“It is important that entities encourage their staff to better understand the cyber risk and to be aware of the materials provided by CERT NZ and the FMA to best protect their businesses and their customers.”
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