Banking News

Bank of Canada teaming up with lenders to improve cyber security

Bank of Canada teaming up with lenders to improve cyber security

(10 May 2018 – Global) Canada’s central bank, in collaboration with the country’s six largest lenders are working together to boost the cyber-resilience of the wholesale payments ecosystem.

Bank of Canada chief operating officer Filipe Dinis said of the new initiative, “The goal is to have a rapid, collaborative approach to recovery should a key participant be affected by a serious cyber security event, such as the corruption of critical data that results in a prolonged operational outage.”

With the increasing scale and level of sophistication of cyber attacks against the financial system, Mr Dinis added that it is “no longer enough for each institution to maintain it sown alarm system. While doing so provides a certain level of protection and comfort, we need to invest in system-wide defences.

This includes third parties, who are carrying out more and more critical works for banks in areas such as data services and cloud computing and as such are a growing operational risk.

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