BoB tasks banks to reinforce cyber security

In its latest banking supervision annual report, the central bank therefore tasked financial institutions to make efforts to tackle cybercrime, including enhanced risk awareness by the board and executive management, as well as strengthening of board oversight over cyber security risks.

It said cybercrime has the potential to undermine proper functioning of financial systems, adding that if the world’s financial systems fail to put in place cyber risk mitigation measures, the consequences could be far-reaching with adverse implications.