Credit: Marguerite Hill

The Reserve Bank of New Zealand – Te Pūtea Matua, which revealed a breach of sensitive data yesterday, acknowledged a series of cyber security shortcomings in a consultation document last year.

Consulting on planned changes to improve IT services including data security, the bank reported it was at “high operational risk” due to technical obsolescence and an underinvestment in security across many of its core technology platforms.

It also said staff lacked the modern digital tools, data and systems required to effectively collaborate and to support informed decision making.

The bank noted its then digital services operating model made it hard for the business to engage with IT, struggled to meet current business demand and had unclear accountabilities.

The document outlined a plan to change structures and accountabilities within its digital services team to address the issues starting around the middle of 2020.



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