Featured Product

    RBNZ Consults on Guidance for Managing Cyber Risks

    October 20, 2020

    RBNZ launched consultation on the guidance for what regulated entities should consider when managing cyber resilience. The draft guidance, which is open for feedback until January 29, 2021, outlines the expectations of RBNZ around cyber resilience and draws heavily from leading international and national cybersecurity standards and guidelines. RBNZ will publish a summary of submissions and final guidance in March or April 2021. RBNZ is also developing a detailed framework for information gathering and sharing, for which it plans to consult stakeholders in mid-2021.

    The guidance has four parts—namely, governance, capability building, information sharing, and third-party management. Third-party management is an area of growing importance and the guidance includes a special subsection on the use of cloud computing services in light of the rapid adoption of cloud services by financial sector firms. The guidance is aligned with international standard and guidelines on cyber resilience and provides a set of high-level principle-based recommendations. The draft cyber risk management guidance would apply to all entities RBNZ regulates. This includes registered banks, licensed non-bank deposit-takers, licensed insurers, and designated financial market infrastructures. The consultation paper also seeks feedback on how information gathering and sharing by RBNZ with relevant public-sector bodies can help to build cyber resilience.

    The consultation paper discusses views of RBNZ on a collaborative approach to information gathering and sharing. In the multi-agency landscape, RBNZ plans to promote information gathering and sharing with other relevant government agencies (for example, National Cyber Security Center, Computer Emergent Response Team NZ, and the Financial Market Authority). RBNZ considers that there are merits in following the broad pattern observed in the international practices of establishing a cyber data collection. As a principle, RBNZ will tailor reporting requirements to ensure they stay relevant and minimize the reporting burden. At a very high level, this includes: 

    • A regular but fairly infrequent data collection (perhaps annually or once every few years) on cyber capabilities and resources dedicated to building cyber resilience
    • Establishing an obligation to report cyber incidents to the prudential authority, perhaps with a materiality threshold for reporting incidents as soon as reasonable after they are detected
    • An information collection plan that is applicable to all regulated entities of RBNZ

     

    Related Links

    Keywords: Asia Pacific, New Zealand, Banking, Insurance, PMI, Guidance, Cyber Risk, Operational Risk, Cloud Computing, RBNZ

    Related Articles
    News

    EBA Updates Filing Rules for Supervisory Reporting

    The European Banking Authority (EBA) published version 5.1 of the filing rules for supervisory reporting.

    October 19, 2021 WebPage Regulatory News
    News

    ECB Amends Guideline on Procedures for Collection of AnaCredit Data

    The European Central Bank (ECB) Guideline 2021/1829 on the procedures for the collection of granular credit and credit risk data has been published in the Official Journal of European Union.

    October 19, 2021 WebPage Regulatory News
    News

    ECB Amends Guideline on Procedures for Collection of AnaCredit Data

    The European Central Bank (ECB) Guideline 2021/1829 on the procedures for the collection of granular credit and credit risk data has been published in the Official Journal of European Union.

    October 19, 2021 WebPage Regulatory News
    News

    EBA Publishes Standards on Disclosure of Investment Policy Under IFR

    The European Banking Authority (EBA) published the final draft regulatory technical standards on disclosure of investment policy by investment firms, under the Investment Firms Regulation (IFR).

    October 19, 2021 WebPage Regulatory News
    News

    APRA Finalizes Guidance for New Prudential Standard on Remuneration

    The Australian Prudential Regulation Authority (APRA) published the prudential practice guide CPG 511 to assist banks, insurers, and superannuation licensees in meeting requirements of CPS 511, the new prudential standard on remuneration.

    October 18, 2021 WebPage Regulatory News
    News

    OCC Updated LIBOR Self-Assessment Tool for Banks

    The Office of the Comptroller of the Currency (OCC) published a bulletin that provides an updated self-assessment tool for banks to evaluate their preparedness for cessation of the London Interbank Offered Rate (LIBOR).

    October 18, 2021 WebPage Regulatory News
    News

    TCFD Updates Guidance for Financial Disclosures on Climate Risk

    The Financial Stability Board (FSB) published a report that examines the progress made toward disclosures aligned with recommendations of the Task Force on Climate-related Financial Disclosures (TCFD).

    October 14, 2021 WebPage Regulatory News
    News

    BCBS Report Examines Progress on Adoption of Basel III Framework

    The Basel Committee on Banking Supervision (BCBS) published the progress report on adoption of the Basel III regulatory framework in member jurisdictions.

    October 14, 2021 WebPage Regulatory News
    News

    ACPR Implements Updates Related to DPM Version 3.1

    The French Prudential Supervisory Authority (ACPR) has implemented, in its information system, updates linked to the Data Point Model (DPM) version 3.1.

    October 14, 2021 WebPage Regulatory News
    News

    EBA Note Examines Transition Risks of Benchmark Rates

    The European Banking Authority (EBA) published a thematic note that aims to identify and raise awareness of the transition risks of benchmark rates, as the London Interbank Offered Rate (LIBOR) and the Euro Overnight Index Average (EONIA) are close to being phased out.

    October 14, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 7571