Central Bank says there needs to be a greater sense of urgency in addressing IT risks
The following remarks were made by the Director of Policy & Risk, Gerry Cross, at an industry breakfast event on the 24th of January entitled “IT and cybersecurity risks facing the financial services sector.”
In his presentation, Cross shed light on the many challenges cross-industry firms are faced with in today’s digitalised world where there is more dependence on technologies than ever before and where “data is fast becoming the most valuable asset”. With cyber-attacks continuously on the increase, ageing IT infrastructure, and with stricter regulations coming into force such as the EU General Data Protection Regulation, implementing the right strategies and technologies to address these should be at the forefront of firms’ agendas, be driven from the top down and with a matter of urgency.
Cross stated that the Central Bank of Ireland has “sharpened our focus on IT and cybersecurity risk”, one of the results being the publication of Cross Industry Guidance on IT and Cybersecurity Risks in Sep’16. It is these standards and qualities that the Central Bank supervisors expect firms to meet.
With all challenges however, comes opportunity which Cross encourages can “drive better solutions to maintain information security and data privacy” and strengthen cyber resilience.