OREANDA-NEWS. In February, the Central Bank as part of its on-going supervisory engagement, published a series of planned themed inspections for 2015.  This included a thematic inspection in relation to Cyber Security / Operational Risk which was concluded recently.  The results have been communicated to the boards and senior management of investment firms, funds, fund service providers and stock-brokers.

Director of Markets Supervision, Gareth Murphy said: "Cyber attacks present a significant threat to the Central Bank's key objectives of investor protection, market integrity and financial stability.  Investment firms, funds, fund service providers and stock-brokers need to put effective systems and procedures in place to protect against cyber risk.  Ultimate accountability for the robustness of these systems and procedures rests with the boards of these firms. The Central Bank will use its supervisory powers to ensure that remedial action is taken in those firms where significant weaknesses were uncovered in the recent themed inspection."