The Central Bank issued an industry letter
following its thematic inspection of asset management firms, which
included investment firms and fund service providers, to determine
the adequacy of cybersecurity risk management, controls and
practices.
The letter details the Central Bank's findings and
expectations and all firms should review these findings and, where
necessary, take steps to remediate any identified issues or
weaknesses in their cybersecurity risk management practices. The
industry letter must be brought to the attention of boards and
senior management before 30 April 2020.
The Central Bank's Findings
The Central Bank's thematic inspection covered:
cybersecurity risk governance; cybersecurity risk management
frameworks; and certain technical controls for mitigating
cybersecurity risk. The Central Bank notes that while some good
progress has been made in certain areas, many of the weaknesses
highlighted in the Central Bank's 2016 Cross
