Deputy Governor, Prudential Regulation, Ed Sibley highlights the need for firms to build resilience and to be able to recover from technology-related risks.
Cybersecurity matters remain high on the agenda of financial regulators across the globe. This was highlighted earlier today in a speech delivered by Ed Sibley – Deputy Governor, Prudential Regulation, at the Central Bank of Ireland. Mr Sibley spoke about the need for financial firms to build resilience into their systems to meet the challenges that technological innovation and competition pose.
Mr Sibley reminded that, in 2016, the Central Bank issued the Cross Industry Guidance in respect of IT and Cybersecurity Risks, which outlined the minimum expectations of firms in relation to these risks. He stressed that much more needs to be done to meet these expectations.
“Cyber-security needs to become part of the culture of an organisation and an integral part of the organisation’s risk management, crisis management, and business continuity…
