Cyber
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
RBNZ warns of cyber risk from cloud
Draft guidelines would mandate firms to notify RBNZ over outsourcing critical functions to cloud
Belize’s central bank must improve cyber regulation – IMF staff
IMF staff warns central bank must upgrade physical resilience in face of hurricane threat
Covid-19: a hacker’s opportunity
What can central banks do to plug cyber threat weaknesses?
Covid-19 frazzles AI fraud systems
Seismic changes in customer behaviour see machine learning solutions throw out false positives
New body will share EU intelligence on cyber-threats
ECB, Europol and the EU Agency for Cybersecurity join forum to share cyber security information
Cyber risks cost 2-3% of profits at banks and insurers – RBNZ research
New Zealand central bank finds chance these threats may cause much greater losses
IMF-MAS research says cyber risks can be modelled with limited data
Public data can be used to create unique formulae to model hypothetical cyber attacks
Cyber security suffers from inconsistent approaches, says IMF’s Lipton
Emerging markets struggle to implement international recommendations
Riksbank to join ECB’s cyber security framework
Swedish central bank launches forum with main national financial firms to test Tiber-SE
Cyber stress tests reveal risks in Singaporean firms
Insurance firms report potential losses as high as $3.4 billion in MAS stress test
FSI paper details ‘red team testing’
Paper sets out how the cyber-security tests are used in different jurisdictions
Cyber attacks on financial firms rise by 37% – survey
Eighty-eight per cent of participants report domain name system attacks over the last year
BoE finds room for improvement in cyber attack exercise
Participants have made changes since previous exercise but some issues remain, central bank says