RBNZ Proposes Collecting More Financial Entity Data on Cyber Incidents

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WELLINGTON, NZ (Reuters) – The Reserve Bank of New Zealand has proposed collecting data from financial entities on cyber incidents in order to better understand the cyber risks and resilience of the financial sector.

The central bank has proposed mandatory reporting for material cyber incidents within 72 hours, periodic reporting of all cyber-incidents, even if not material, as well as a survey on cyber resilience.

Before deciding if the new rules will be implemented, the central bank is seeking feedback from the public on the proposed changes.

Kate Le Quesne, Director of Prudential Policy at the RBNZ, said that the collection of these data will help the bank better understand cyber resilience within the financial sector.