Market participants appear to be relying heavily on protective measures, while under-investing in detection measures as part of their overall cyber-resilience, the FMA said.
New Zealand’s FMA (Financial Markets Authority) has released a new report on its thematic review of cyber resilience in financial services.
The report is aimed at aiding the understanding of the nature and frequency of cyber risks, and the steps being taken by financial services firms to address them, as the FMA seeks to develop its monitoring to address increasing risks and complexities in this area.
The review gathered information through surveys on the perceptions of cyber risk at financial services firms, their reported attacks, existing levels of preparation and cyber resilience, and futures plans in this area.
The majority (56%) of survey participants rated cyber risk globally as either high or very high risk, with 89% believing the risk will rise in the future. However, this dropped to 36% for financial services just in New Zealand, and to 25% when participants considered just their own firm’s exposure.
The FMA, however, does not believe New Zealand is any less exposed to cyber attacks, it…
