Monetary Markets Authority reminds sector of its cyber safety obligations

Samantha Barrass (Monetary Markets Authority)

Credit score: Equipped

There seem like cyber safety shortcomings in organisations licensed by the Monetary Markets Authority (FMA) – Te Mana Tātai Hokohoko, the regulator stated immediately.

“In gentle of such growing cyber threats, technology-related outages and remediation programmes reported to the FMA, it seems that there are shortcomings within the cyber resilience and operational methods on the entities we regulate, together with underinvestment in know-how and the usage of unsupported or legacy methods,” the FMA stated in an info sheet revealed immediately.

The sheet famous the monetary companies sector recorded the very best variety of reported incidents, ninety-one in whole, throughout all industries in New Zealand for the quarter ended March 2022.

The discharge was made to assist monetary companies companies improve the resilience of their know-how and operational methods and to satisfy their licence obligations, the FMA stated.

“Our expectation is that entities have sufficient know-how structure, cyber safety methods, processes and controls in place to make sure their know-how dangers are being managed and their licensed companies obligations are persevering with to be met.”

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