Reserve Bank of New Zealand faces cyber attack

The Reserve Bank of New Zealand said on Sunday that it faced cyber attack as hackers breached one of its data systems, Reuters reported.
Reserve Bank of New Zealand IT investment
A third-party file-sharing service used by the central bank to share and store some sensitive information was illegally accessed, the Wellington-based bank said in a statement.

Reserve Bank of New Zealand Governor Adrian Orr said the breach had been contained but added it would take time to understand the full implications of this breach.

A third party file sharing service used by the Reserve Bank of New Zealand to share and store sensitive information had been illegally accessed, Associated Press reported.

“The nature and extent of information that has been potentially accessed is still being determined, but it may include some commercially and personally sensitive information,” Adrian Orr said in a statement on Sunday.

Reserve Bank of New Zealand CIO Scott Fisher is responsible for the central bank’s IT investment and security strategy.

In August, the operator of New Zealand’s stock exchange was hit by cyberattacks. InPhySec, a cybersecurity firm tasked with reviewing the cyber attacks, said the volume, sophistication and persistence of the attacks were unprecedented for New Zealand.

In a November 2019 Financial Stability report, the RBNZ warned that the frequency and severity of cybersecurity incidents were on the rise in New Zealand.

Reserve Bank of New Zealand in February of last year said in a report that the expected cost of cyber incidents for the banking and insurance industry was between NZD80 million ($58 million) and NZD140 million per year.