Cyber
Filipe Dinis on Bank of Canada’s cyber strategy and tackling cyber risks
The Canadian central bank’s chief operating officer calls for heightened vigilance, more collaboration, info sharing and tabletop exercises, and less reliance on similar, siloed systems
Every CBDC decision is a tradeoff, says Bank of Canada’s Shah
Privacy, security, and offline access present difficult problems
ESRB calls for European cyber incident framework
Regulators must have joint response to systemic cyber incidents
UAE central bank announces new cyber security centre
Gulf state saw huge increase in cyber attacks in 2020
RBNZ served ‘compliance notice’ after cyber attack
Privacy commissioner concerned by possible “systemic weakness” in central bank’s cyber defences
Viruses of a different kind: bolstering central bank IT frameworks
Remote working on a large scale had never been done before, but central banks appear to have successfully adapted IT and cyber frameworks
Bundesbank warns about digital challenges for German banks
Report stresses the importance of reinforcing cyber security processes
Swiss central bank and stock exchange to launch new network
Communications system based on Scion technology aims to increase cyber security
Danish central bank denies suffering breach in SolarWinds hack
Media reports claimed central bank had been exposed for seven months
RBA cancels market operations due to outage
Issue at third-party provider impacted central bank and several commercial banks
RBNZ’s Orr admits ‘shortfalls’ on cyber security
But KPMG report also lays blame on vendor for delays in pushing out critical software update
Swedish and Norwegian central banks warn of cyber threats
Even small attacks can have major effects on stability, Norges Bank and Sveriges Riksbank say
Over 4,000 FCA staff complete mandatory cyber training
FCA spends $26,990 on cyber security course
Most central banks spend less than 20% of their IT budget on security
Average spend was 16% of IT budget
Most central banks hold annual cyber security training sessions
One-third of central banks hold training every 0–6 months
Cyber security and retaining top talent are biggest tech challenges
Keeping abreast of fintech developments also tests institutions
Central banks use varied cyber defence playbook
Cyber security training for central bank staff occurs at least once a year
Cyber attacks on finance increased sharply during pandemic – BIS
Increased use of cloud could increase firms’ vulnerability, researchers warn
Earlier disclosure by third party could have prevented data breach – Orr
RBNZ could have avoided breach if patch had been deployed sooner, governor says
MAS enhances cyber risk guidelines as risks grow
Authority warns “spate” of cyber attacks have targeted suppliers of IT services
RBNZ announces independent inquiry into data breach
Governor takes personal responsibility and says NZ financial system remains sound
RBNZ suffers data breach in third-party system
Governor says breach is “contained” and investigations are ongoing
Bailey urges co-operation on cyber risk
BoE governor says cyber risks can “go the distance”
MAS warns firms over third-party cyber risks
Ravi Menon warns of risks from open source software and third-party service providers