- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2024-03-11T16:58:00
The Reserve Bank of New Zealand (RBNZ) added new reporting requirements for its member banks to follow if they suffer a material cyber incident and for all types of cyberattacks.
In a press release issued March 4, the RBNZ said it will be building the cyber resiliency of the country’s banking system by implementing three new reporting requirements, in phases, over the course of the year.
The first is a requirement for member banks to report material cyber incidents “as soon as practicable” but within 72 hours.
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Two chief compliance officers and an attorney discussed preparation for the “when, not if” threat of a data breach during a panel at CW’s Cyber Risk & Data Privacy Summit.
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