Supervisor of Capital Markets, Insurance and Savings Prof. Oded Sarig today notified financial institutions that the Ministry of Finance will conduct an emergency drill to test their ability to provide critical services to customers in wartime. The drill, which will be held on October 21-25, will stimulate business continuity after an earthquake, at the level of senior management, as part of national earthquake preparedness exercises.
In the first quarter of 2013, the Capital Markets Division will conduct in-depth drills for specific financial institutions to test their ability to transfer their operations to alternative sites if necessary.
The instruction is part of the Capital Markets Division's wide-ranging activities in recent years, including the issuing of instructions and carrying out tests on the subject. The instructions cover a wide range of emergencies for which financial institutions should be prepared, including wars, cyber warfare, and earthquakes.
Sarig said, "The Capital Markets Division places importance on financial institutions' preparedness for emergencies. The division has acted, and continues to act, to ensure preparedness for the good of savers."
Published by Globes [online], Israel business news - www.globes-online.com - on August 29, 2012
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