This in response to consultation feedback
The Reserve Bank (RBNZ) has taken a step towards strengthening cyber resilience within the financial sector by releasing consultation feedback and outlining new data collection measures.
These steps are aimed at understanding and mitigating cyber risks that pose a threat to financial stability.
Understanding cyber risks
Kate Le Quesne (pictured above), director of prudential policy at RBNZ, stressed the importance of having accurate and timely information on cyber risks and entities’ response capabilities.
“Our recent consultation shows respondents recognise the importance of us having access to information on cyber resilience and generally support our proposals,” Le Quesne said in a media release.
RBNZ plans to implement formal reporting requirements for material cyber incidents and conduct periodic surveys on cyber resilience among regulated entities.
Collaborative efforts with FMA
Feedback from the consultation highlighted the need for simplified and coordinated processes. Responding to this, RBNZ has worked closely with the Financial Markets Authority (FMA) to develop shared reporting requirements. This collaboration aims to streamline the reporting process for entities regulated by both agencies.
Phased implementation of reporting requirements
The new reporting requirements will be introduced in phases throughout 2024, including:
- Material cyber incident reporting: Entities must report significant cyber incidents within 72 hours
- Periodic reporting of all cyber incidents: Large entities will report every six months, while other entities will do so annually
- Cyber resilience surveys: Entities will complete self-assessments against RBNZ’s cyber resilience guidelines, with large entities reporting annually and others every two years
Details on the cyber resilience data collection initiative and a summary of the consultation submissions are available, alongside updates to reporting templates.
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