Central Bank Publishes Cyber Security Risk Management Findings

Central Bank of Ireland publishes findings from its thematic inspection of cyber security risk management in asset management firms

In an industry letter dated 10 March 2020 the Central Bank of Ireland (the "Central Bank") detailed its key findings identified during its inspection of cyber security risk management in asset management firms. The thematic inspection examined (i) cybersecurity risk governance, (ii) cybersecurity risk management frameworks and (iii) certain technical controls for mitigating cybersecurity risk. The Central Bank notes that many of the weaknesses highlighted in the Central Bank's 'Cross Industry Guidance in respect of Information Technology and Cybersecurity Risks 2016' are still prevalent three years later.