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All licensed financial services firms should treat the risk of a cyberattack as real, and plan accordingly.
That is the call to action of the Financial Markets Authority (FMA) following its thematic review of cyber-resilience in New Zealand financial services. The report found that the majority of participants (56%) were aware of the high and increasing level of cyber-risk globally and 89% believe it will increase in the future. However, the level of “high / very high” risk ratings drops to 36% for New Zealand financial services and drops further to 25% when participants considered just their own firm.
Now, FMA has provided guidance for firms on areas where it has identified a need for improvement. The regulator said these recommendations will be useful for regulated sectors, to help ensure they comply with expectations and best practice.
Among the key recommendations for market participants include using recognized cybersecurity framework to assist with planning, prioritising and managing their cyber-resilience. It suggests the services provided by CERT NZ, New Zealand’s National…
