Regulatory Alerts2020-12-29
Reporting of Technological Failures and Cyber Events
The Bank of Israel issued a new directive consolidating and replacing previous reporting requirements for technological failures and cyber events to streamline regulatory oversight. The regulation mandates that banks report significant incidents via telephone within two hours, followed by a detailed written report within eight hours and daily updates until resolution. This unified framework standardizes definitions, assigns reporting officer responsibilities, and requires post-event investigations to ensure proper risk management and systemic stability.
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