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ARTICLE · 04 JULY 2017

Financial Regulation Update: Cybersecurity – A Top Priority For Regulator And Regulated

Mason Hayes & Curran LLP
Mason Hayes & Curran LLP
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Mason Hayes & Curran LLP

Mason Hayes & Curran LLP

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Financial service providers ("FSPs") are heavily reliant on IT systems and they may outsource several functions to third party service providers. However, FSPs' reliance on IT brings with it increased...

IrelandFinance and Banking
Fionán Breathnach
Fionán Breathnach
Rowena Fitzgerald
Rowena Fitzgerald
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Financial service providers ("FSPs") are heavily reliant on IT systems and they may outsource several functions to third party service providers. However, FSPs' reliance on IT brings with it increased cyber risk. Data may be accessed by an unauthorised person, lost, stolen or otherwise compromised. As a result, it is unsurprising that cyber risk is a top priority for the Central Bank of Ireland ("CBI").

CBI Guidance on IT and Cybersecurity

In cross-industry guidance issued in September 2016 (the "Guidance"), the CBI published requirements for boards of FSPs in order to adequately manage their IT risks. These requirements are categorised under five priority areas:

  • Risk Management

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