Central Bank says there needs to be a greater sense of urgency in addressing IT risks

Central Bank of Ireland report - Wizuda blog

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.

Source:  http://www.centralbank.ie/press-area/speeches/Pages/RemarksbyDirectorofPolicyRiskGerryCrossatITandcybersecurityseminar.aspx

the challenge - wizuda case studies

The board of a multinational medical device organisation required a secure, cloud-based solution which facilitated virtual board member collaboration on key documents in preparation for monthly board meetings.

The documentation was regularly of a highly commercially sensitive nature, largely relating to ongoing clinical trials, and as such demanded a secure and encrypted platform which could be implemented without the engagement of internal IT resources.

Key challenges that need to be  considered:

  • Geographically dispersed stakeholders
  • Highly commercially sensitive documentation
  • No internal IT involvement
  • Multiple stakeholders required to collaborate on
    single documents
the solution- wizuda case studies

Wizuda MFT gave them a centralised view of all their file transfer activities and a network overview of the data flows. IT now had instantly available reporting and could provide geographic maps and network overviews to senior management of all file transfer activities in the organisation. These could also be categorised in ways that made sense for the business from a priorities perspective. Wizuda’s unique ‘Health Check’ dashboard with automated monitoring and alerts, allowed them to manage all transfer operations proactively and ensured they were always on top of any issues.

From a GDPR compliance perspective, transfers could be linked to Data Protection Impact Assessments were required and data could be anonymised as part of the transfer process. Wizuda MFT enabled them to apply the latest security protocols for file transfers and encrypt data at rest and in transit. Passing cyber-security and GDPR compliance audits became a lot easier.

About Wizuda

Developing IT Solutions to Make Businesses Better

At Wizuda we focus on developing IT solutions which help businesses grow and empower people to collaborate and stay connected securely and compliantly. Specialists in secure data transfer since 2001, all development and support operations are carried out from our two Irish 

offices located in Dublin (Wizuda Headquarters) and Limerick. We pride ourselves in developing software solutions that allow organisations to take back control of their file transfer and data sharing operations, enabling them to operate efficiently, securely and compliantly

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