Reserve Bank publishes cyber resilience guidance

The 22-page document covers what The Reserve Bank – Te Pūtea Matua believes regulated entities should be considering when building cyber resilience and draws heavily from leading international and national cybersecurity standards and guidelines.

The guidance applies to all entities the Reserve Bank regulates, including registered banks, licensed non-bank deposit takers, licensed insurers and designated financial market infrastructures.

The finalised guidance aims to raise awareness of, and ultimately promote, the cyber resilience of the financial sector, especially at the board and senior management level.

In a statement, the bank says the guidance provides "high-level principle-based recommendations for entities and primarily serves as an overarching framework for the governance and management of cyber risk, which entities can tailor to their own specific needs and technologies, rather than as an explicitly detailed or technical set of instructions".

RBNZ deputy governor and general manager of financial stability, Geoff Bascand says the intention is to illustrate current best practice and encourage continual improvement beyond these practices into all areas where entities can further strengthen their cyber resilience.