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  • 2 years ago
Financial institutions have until March 31st to submit a self-assessment and Cybersecurity Incident Report to the Central Bank, in the wake of increasing cyberattacks targeting both the public and private sector. And while a package of legislation is currently before Parliament, the Central Bank says, it has not been approached by the Government for weigh-in. Rynessa Cutting has more from the Artificial Intelligence, Cyber Resilience and Cyber Security conference hosted today.
Transcript
00:00 With just over 200 successful cyber attacks reported in TNT within the past five years,
00:06 the Central Bank is calling on all financial institutions to ensure that their cyber spaces are as resilient as possible.
00:14 What we're seeing happening as well in terms of our institutions, we need to do a better job of patching,
00:21 keeping our perimeter facing defenses updated, securing those remote services.
00:28 That's how we're seeing them coming into organizations. So that's what I'm seeing locally.
00:34 Financial institutions have been given until March 31st to submit a self-assessment and cyber security incident report to the Central Bank
00:43 in the wake of an increase in cyber attacks in both the public and private sectors.
00:48 And amid claims of muzzling and suppression as it pertains to the truth of the nature and scope of cyber attacks,
00:55 the Bank for International Settlements, BIS, is stressing the need for some degree of transparency.
01:02 How were you affected? Did you lose any? Let's not even have that conversation.
01:06 Let's just talk about what do you think happened? How do you think you would have been able to detect it?
01:13 And let's try to share that back because your previous question to Keisha, contagion risk, right?
01:19 So again, if this is successful against one financial institution, chances are it would be used in another.
01:27 Panelists note that legislation does have a part to play.
01:31 But while the Central Bank is pleased by government's push to bring a suite of legislation,
01:36 the Bank says to date government has not sought its input in this regard.
01:41 I think that we have some catching up to do.
01:44 But I was very heartened by the attorney general saying that there are some things on the horizon
01:50 and some legislation that will be coming to support cyber security at a national level.
01:57 The Central Bank describes its cyber security efforts as a journey,
02:02 noting that no system or combination of systems can offer 100 percent guarantee.
02:08 Up to 70 percent of central banks worldwide utilize AI technology. And our local central bank is no different.
02:16 We use that in the IT department. So as Supriya said, a lot of the technology are related to machine learning
02:25 that is already fully entrenched in some of our tools. So we use it.
02:31 So I'd say we are early adopters. We are central bank and we tend to be a bit more cautious than other institutions.
02:40 The Bank hosted an artificial intelligence, cyber resilience and cyber security conference today in collaboration with BIS,
02:49 during which an industry expert shared insight into the many risks of AI technology.
02:54 There's a huge amount of risk associated here because every time you copy paste a corporate document into chat GPT,
03:01 you're engaging in unauthorized disclosure of sensitive data depending on the sensitivity of that document.
03:05 And that's a major, major risk because it's a breach of your private information that you're putting onto an external site.
03:11 Renessa Cutting, TV6 News.
03:13 news.
03:13 [BLANK_AUDIO]
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