back Back

Reserve Bank of New Zealand responds to data breach

By Edil Corneille

January 29, 2021

  • New Zealand
  • Reserve
Share

Reserve Bank of New Zealand, RBNZThe Reserve Bank of New Zealand – Te Pūtea Matua has released the Terms of Reference for an independent KPMG review of Bank processes following the malicious illegal breach of a third-party file sharing application.

Governor Adrian Orr says the review is in addition to the forensic and criminal investigations still underway with a focus on improving systems and work practices.

“The recent attack on the externally facing system used by the Bank revealed some service provision shortcomings and lessons for us on how we protect and manage the information we need to do our job.

“We’ve asked KPMG to take a wider view of how the Bank manages information and what improvements we can make.

“Just after the breach, I apologised for falling short of the standards expected by our stakeholders, and the standards we set for ourselves. This KPMG review is just one of the ways we are working to put that right.

“As this malicious attack demonstrates, cyber threats need to be taken seriously by all organisations – and preparedness and responsiveness are key. As we respond with pace to this breach, we are being well supported by domestic and international cyber security experts, and relevant authorities and counterparts.

“We continue to work closely with the organisations whose files were illegally downloaded and I would like to reiterate my thanks for their continued support and cooperation,” Orr says.

Last year, the Bank appointed Deloitte to investigate the accidental early disclosure of details of one of its new monetary policy tools. Orr says while it was a different matter, it also looks at how the Bank manages information.

“The two were unrelated incidents, but there will be lessons from each and it makes sense to consider the two reports together when they are both completed,” says Orr.

“A new secure file transfer system is expected to be in place next month, and the Bank expects to receive the KPMG review by the end of March. We will continue to be as transparent as possible, being mindful of privacy and issues of commercial sensitivity, as well as the ongoing criminal investigation,” says Orr.

Leave a Reply

Your email address will not be published. Required fields are marked *

Previous Article

January 29, 2021

NAB announces agreement to acquire 86 400 to accelerate UBank growth

Read More
Next Article

January 29, 2021

Tamam launches Sharia compliant microfinance scheme in Saudi Arabia

Read More

IBSi Prime News

Embedded Finance

September 24, 2021

New Zealand

European brands increasingly looking at embedded finance, but barriers still exist

Read More
  • Daily in-depth news analysis
  • Weekly chart curated via IBSi research
  • Exclusive weekly Financial Technology use case
Subscribe to Prime

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

September 23, 2021

Solarisbank selects Feedzai as a Risk Management partner

Read More

September 23, 2021

ACI Fraud Management receives full patent approval

Read More

September 22, 2021

TransferMate selects ComplyAdvantage for AML and risk screening

Read More

Related Reports

Pages

Bank-wide
Core Banking Market Dynamics Report 2021

£2,000 / year

Know More

Pages

Market Reports
US Financial Services Technology Report 2021

£1,500 / year

Know More

Pages

Retail Banking
Core Banking Market Dynamics Report 2021

£2,000 / year

Know More

Pages

Wealth Management
Wealth Management & Private Banking Systems Report 2021

£1,500 / year

Know More

Pages

Wholesale Banking
Treasury and Capital Markets Systems Report 2021

£1,500 / year

Know More