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 With that in mind, the Reserve Bank of New Zealand (RBNZ) – Te Pūtea Matua has released draft guidance on what regulated entities must consider when managing cyber resilience.

The draft guidance, which is open for feedback, details the RBNZ’s expectations around cyber resilience.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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