Organisations went digital amid the COVID-19 pandemic, which pushed many cyber attackers and scammers to take advantage of the current working environment. With that in mind, the Reserve Bank of New Zealand (RBNZ) – Te Pūtea Matua has released draft guidance on what regulated entities must consider when managing cyber resilience.

The draft guidance, which is open for feedback, details the RBNZ’s expectations around cyber resilience. It draws heavily from leading national and international cybersecurity standards and guidelines.

“As cyber risk continues to rise, there is growing awareness that cyber incidents could present risks to the stability of the entire financial system. Improving cyber resilience has become a key priority for prudential regulators around the world,” said Geoff Bascand, the deputy governor and general manager of financial stability at RBNZ.

“Last November, we announced an evolution in our policy stance towards taking a more proactive interest in improving the cyber resilience of the financial sector in New Zealand. The spate of cyberattacks across New Zealand earlier…

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Today we are indeed going through very unpredictable and challenging times. All of us have had to re-adjust our personal and professional lives to a `new normal’ where meetings are no longer in the physical world, business strategies are discussed and executed over cloud, using digital and collaboration platforms.

In today’s fast paced world where our actions are powered by powerful and ubiquitous tech inventions, we are constantly in battle with the challenges of information security. Call it the perils of becoming a globalised economy, but the fact remains that cyber security is one of the major concern areas for businesses today.

With the increased usage of smartphones and other devices which helps us get connected virtually, humans now spend a big share of their time in the cyber-world. COVID-19 pandemic has only escalated transition to the digital world which has made us even more vulnerable to cyberattacks and threats. Cyber defences that are required in the COVID-19 world have leaped by 15 years in zero day, leaving enterprises and individuals highly exposed. Yes, cyber resilience is the need of the hour!

A Digital World – No Longer an Abstract…