Cyber risks cost 2-3% of profits at banks and insurers – RBNZ research
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
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe
You are currently unable to print this content. Please contact info@centralbanking.com to find out more.
You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@centralbanking.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@centralbanking.com
More on Cyber
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.
Hackers seize South Sudan central bank website
Group demands central bank act to make currency stronger against the dollar
Ransomware threat on the rise, says Boston Fed IT chief
Automation and AI could boost response times and ease staffing pressures
Central Bank of Azerbaijan ramps up cyber security
Division head points to AI’s potential as additional safeguard
Hackers target Iran’s central bank website amid protests
Internet blackout reported on September 21
CBDCs require increase in cyber security budget – BIS survey
Central bankers deem financial sector underprepared for cyber attacks
Privacy commissioner closes probe into RBNZ cyber defences
Central bank has “made every change recommended and more” in wake of hacker breach
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