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The Irish central bank has published its findings, following a thematic review of the cyber risk management arrangements for asset management firms under its oversight.
It outlines a number of deficiencies found across the industry. Including the responsibility of the boards of covered entities for cyber security. It found a lack of cyber risk governance, with senor management not prioritising enough time to have a robust cyber aware culture. A lack of, or in some cases, any consideration of the risks associated with business disruption. Inadequate risk indicators for the oversight of cyber risk management and boards receiving insufficient reporting of cyber risk.
An inability to demonstrate adequate asset inventories, in line with business criticality, with firms not being fully aware of hardware, software and data assets. Inadequate vulnerability planning processes. Firms being unable to demonstrate that they have enterprise wide systems monitoring (SIEM) and informal relationships with SoC providers.
Of course these findings are general and there will be those which are good and bad. But as a general set of observations they do not present a good industry wide picture.
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