Regulators to pilot cyber program
The Council of Financial Regulators is ready to roll out a pilot program to tackle cybersecurity risks as it continues its focus on a number of industry initiatives in the area.
In its quarterly statement following a meeting held at the end of November, the council – including the Reserve Bank, APRA and ASIC, said it continues to pursue several work streams on cyber security.
It expects to release its pilot framework for a “threat intelligence-based testing” regime (CORIE) in the near future.
Members also endorsed a work plan that will focus on coordinating agency approaches on incident response, regulatory frameworks and testing.
The group also continues to engage with the Department of Home Affairs on the development of an improved “framework for the security and resilience of critical infrastructure,” including in the financial sector.
Members also discussed ongoing digital identity initiatives, including work under way by the Digital Transformation Agency (DTA) and the private sector through the Australian Payments Network.
A council subcommittee will engage with the DTA on these issues.
Wider issues beyond cybersecurity were also discussed. Not surprisingly loan deferrals were a hot button issue.
The group of regulators acknowledged that to date the “transition has progressed relatively smoothly,” given that many borrowers are now starting to make repayments. The group acknowledged that the share of loans deferred has now fallen 3 per cent in October from the 10 per cent peaks in the mid-year.
Nevertheless, the council “will continue to closely monitor developments, including the treatment of customers in hardship, as further deferrals expire in the coming months”.