As previously highlighted in an industry speech, the
Central Bank of Ireland (the "Central Bank") has recently
completed a thematic inspection on cybersecurity risk in the asset
management sector. On 10 March 2020, the Central Bank issued
an industry letter
outlining key findings identified during the inspection process
(the "Letter").
The Central Bank inspected four asset management firms with
varying business models to determine the adequacy of cybersecurity
controls and cybersecurity risk management practices of the
inspected firms, and also to identify good practices and common
issues in order to raise industry standards.
The Central Bank comments in the Letter that many of the
weaknesses highlighted in the Central Bank's 2016 Cybersecurity
Guidance are still prevalent. It also comments that it is the
responsibility of boards and senior management to ensure that
cybersecurity is embedded in their firms and indicates that this
should be achieved through a
