Two attacks at the heart of New Zealand’s financial services sector have highlighted the growing risk of cyber crime.
Both breaches of the Reserve Bank and the NZX last year are under investigation with reports in March and June respectively.
But the Financial Markets Authority has already been critical of the NZX, calling on the Board to invest in improvements to IT security after the DDOS attacks.
And RBNZ governor Adrian Orr immediately acknowledged the seriousness of the large-scale, pre-Christmas data breach, saying: “We apologise unreservedly to all of those impacted by the breach. I own this issue and I am disappointed and sorry.”
The new report by the FMA into the attacks that brought the NZX website down on four consecutive days last August in the middle of earnings season concluded it did not meet regulatory requirements.
“The review found NZX did not have adequate technology capability across its people, processes and…