2024-03-04 01:54:54
Banks must report major cyber attacks within 72 hours of them occurring, the Bank of New Zealand said on Monday, as the bank plans to phase in formal cyber reporting requirements through 2024.
The move comes following regulated entities supported the New Zealand Central Bank’s proposals on the importance of its access to cyber resilience information.
The Director of Prudential Policy at the Central Bank of New Zealand, Kate Le Quesne, said in a statement that obtaining accurate and timely information is essential.
Today we have published consultation feedback and decisions on collecting data to support cyber resilience. The consultation shows respondents generally support our proposals and we will now proceed with implementing new measures to build cyber resilience. Learn more:… pic.twitter.com/fr3sW4aaPo
— Reserve Bank of NZ (@ReserveBankofNZ) March 3, 2024
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Le Quesne added that the New Zealand Central Bank cooperated closely with the New Zealand Financial Markets Authority to develop common reporting requirements that might be used by both institutions.
The New Zealand official continued, “We have received useful comments regarding ways to simplify and coordinate our operations with other agencies,” explaining that it is important for the central bank to understand the nature of the risks facing entities and their ability to respond to attacks.
New Zealand’s measures to combat cyber attacks
Under the new procedures, banks must report all cyber attacks to the Central Bank, with large entities required to report all cyber attacks every six months and smaller entities annually, and must also report on self-evaluation measures taken.
The Central Bank stressed through its account on the social networking site X – formerly Twitter – that “the new measures aim to build and increase the country’s cyber resilience.”
New Zealand has witnessed a recent increase in cyber attacks, which prompted the government last year to strengthen its cyber defenses by establishing a leading agency to make it easier for the public and companies to seek assistance during attacks.
The Central Bank of New Zealand revealed in 2021 that a cyber attack had penetrated its data systems, affecting the file-sharing service the bank uses to share information with external stakeholders.
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