Business Irish

Thursday 8 December 2016

Irish banks at risk of cyber attacks - Central Bank warns

Published 13/09/2016 | 18:50

The firms are being warned to increase resilience to IT failures and cyber security incidents.
The firms are being warned to increase resilience to IT failures and cyber security incidents.

Customers of Irish banks, insurers and financial intermediaries are at risk from cyber attack, the Central Bank has warned.

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The firms are being warned to increase resilience to IT failures and cyber security incidents.

New guidelines will now apply to all businesses regulated by the Central Bank, regardless of size.

Old systems, under-investment and the use of outsourcing will all be scrutinised. “There are a lot of weaknesses and a lot of failings out there,” according to Gerry Cross, director of Policy & Risk at the Central Bank of Ireland.

He said the new rules are the first time a single set of guidelines has applied across all regulated firms and that the rules are being introduced to raise standards and will form part of the overall supervision of regulated firms.

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