New Zealand Reserve Bank Lax On Cyber And Crypto Regulations
In recent statements addressing contemporary cyber threats, including those pertaining to cryptocurrency cyber crime such as ransomware, the New Zealand Reserve Bank has rejected calls for enhanced and intrusive regulations.
The New Zealand Reserve Bank has rejected calls for enhanced regulations designed to target contemporary cyber threats, including ransomware and other challenges associated with virtual currencies.
In a speech which has been published on the New Zealand Reserve Bank’s website, Reserve Bank representative Toby Fiennes articulates the bank’s position on contemporary cyber threats. “The dynamic cyber environment means that organisations have to be nimble in their approach to cyber security – focused on outcomes, rather than prescriptive compliance exercises.”
The speech indicates recognition that the challenges posed by cryptocurrency will be dynamic, and that the threats posed by online crime cannot simply be regulated out of existence. “The nature and incidence of cyber risk is unique, meaning that typical approaches to risk management and disaster recovery planning may not be appropriate. While cyber vulnerabilities can be mitigated, the potential sources of cyber threats and the attack footprint are just too broad, so they can never be eliminated.”