Financial Services News

Financial Markets Authority reminds sector of its cyber security obligations

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Samantha Barrass (Financial Markets Authority)

Samantha Barrass (Financial Markets Authority)

Credit: Supplied

There appear to be cyber security shortcomings in organisations licensed by the Financial Markets Authority (FMA) – Te Mana Tātai Hokohoko, the regulator said today.

“In light of such increasing cyber threats, technology-related outages and remediation programmes reported to the FMA, it appears that there are shortcomings in the cyber resilience and operational systems at the entities we regulate, including underinvestment in technology and the use of unsupported or legacy systems,” the FMA said in an information sheet published today.

The sheet noted the financial services sector recorded the highest number of reported incidents, ninety-one in total, across all industries in New Zealand for the quarter ended March 2022.

The release was made to help financial services firms enhance the resilience of their technology and operational systems and to meet their licence obligations, the FMA said.

“Our expectation is that entities have adequate technology architecture, cyber security systems, processes and controls in place to ensure their technology risks are being managed and their licensed services obligations are continuing to be met.”



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