Regulatory Alerts2023-01-24
Reporting of Technological Failures and Cyber Incidents
The Bank of Israel has revised Proper Conduct of Banking Business Directive no. 366 and updated Reporting to Banking Supervision Directive no. 880 to mandate that banking corporations and credit card companies immediately report severe security incidents and technological failures to the Banking Supervision Department. This requirement aligns with Section 31(a) of the Financial Information Service Law, which obligates financial information service providers to notify regulators and affected information sources without delay following a cyber incident. The updated directives consolidate reporting procedures and take effect immediately upon publication.
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