Central Bank Commences Cyber-Security Inspections

Regulatory scrutiny of threats to cyber security continues apace with the commencement by the Central Bank of its cyber security themed inspections on certain firms. The main focus of the Central Bank's questions relate to:

• Whether the firm has conducted a risk assessment to identify cyber security threats, vulnerabilities, and potential business consequences
• Whether the firm's business continuity plan addresses mitigation of the affects of a cyber-security incident
• What cyber-security risk management standards are used by the firm
• Practices and controls regarding the protection of networks and information including written guidance, training and oversight of staff
• The extent to which the firm makes use of encryption