RBNZ to impose cyber reporting rules on financial institutions

From April 8, New Zealand’s banks will need to disclose major cyber incidents within 72 hours

cyber protection

The Reserve Bank of New Zealand (RBNZ) is to implement new cyber reporting rules in the financial sector, including a requirement for banks and other regulated entities to report major incidents within 72 hours.

The central bank made the announcement today (March 4) after receiving generally supportive feedback on its proposals to strengthen cyber resilience in the sector.

From April 8, entities regulated by the RBNZ will need to report “material” cyber incidents to the bank as soon as practicable

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