All licensed financial services firms should treat the risk of a cyberattack as real, and plan accordingly.
That is the call to action of the Financial Markets Authority (FMA) following its thematic review of cyber-resilience in New Zealand financial services. The report found that the majority of participants (56%) were aware of the high and increasing level of cyber-risk globally and 89% believe it will increase in the future. However, the level of “high / very high” risk ratings drops to 36% for New Zealand financial services and drops further to 25% when participants considered just their own firm.
Now, FMA has provided guidance for firms on areas where it has identified a need for improvement. The regulator said these recommendations will be useful for regulated sectors, to help ensure they comply with expectations and best practice.