Cyber risks cost 2-3% of profits at banks and insurers – RBNZ research

Reserve Bank of Australia
The Reserve Bank of New Zealand: cyber incidents causing annual losses of about NZ$104m

Cyber risks cost New Zealand’s banks and insurers 2-3% of their profits on average each year, says research published by the country’s central bank.

The Reserve Bank of New Zealand estimates these incidents are causing annual losses of about NZ$104 million ($65.7 million) for the banking sector and NZ$38 million for the insurance industry.

These include direct costs from financial losses, as well as indirect fees derived from factors such as reputational damage or the opportunity cost from

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Combatting the ever-changing cyber threats in banking

Seemanta Patnaik, co-founder and chief technology officer at SecurEyes, discusses the continually evolving challenges and threats, and possible solutions to remain resilient to cyber attacks in today’s central banking environment.

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