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Central Bank of Ireland publishes findings from its
thematic inspection of cyber security risk management in asset
management firms
In an industry letter dated 10 March 2020 the Central Bank of
Ireland (the “Central Bank“) detailed
its key findings identified during its inspection of cyber security
risk management in asset management firms. The thematic inspection
examined (i) cybersecurity risk governance, (ii) cybersecurity risk
management frameworks and (iii) certain technical controls for
mitigating cybersecurity risk. The Central Bank notes that many of
the weaknesses highlighted in the Central Bank’s ‘Cross
Industry Guidance in respect of Information Technology and
Cybersecurity Risks 2016’ are still prevalent three years
later.
The Central Bank’s letter states that it is the
responsibility of the board of the asset management firm and its
senior management to ensure that cybersecurity is embedded in their
firm and the board is responsible for overseeing a clearly defined
strategy for cybersecurity to enable the firm to achieve a desired
state…
