New Zealand central bank to implement cyber reporting rules through 2024

March 04, 2024

New Zealand's central bank on Monday said banks must report major cyber incidents within 72 hours, as it plans to implement formal cyber reporting requirements in phases through this year. The move comes after regulated entities supported proposals by the Reserve Bank of New Zealand (RBNZ) on the importance of having access from the central bank to information on cyber resilience. Having accurate, timely information is key, RBNZ Director of Prudential Policy Kate Le Quesne said in a statement. RBNZ collaborated closely with New Zealand's financial markets regulator, the Financial Markets Authority (FMA), to develop shared reporting requirements that can be used for both agencies, Le Quesne said. Under the proposed rules, banks must inform RBNZ of all cyber incidents, with large entities required to report all cyber incidents every six months and other entities annually.

The source of this news is from Tuoi Tre News

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