Sources inform ''Globes'' that the Bank of Israel has instructed the banks to speed up their cyber warfare preparation timetables. It also instructed the banks' management and boards of directors to be involved in plans for fighting a possible cyber attack, and to notify the Bank of Israel of progress by the end of the year.
The Bank of Israel stated, "The Banking Supervision Department is taking various measures to assess the banking system's preparedness against cyber attack, and to make the necessary improvements as much as possible. We are not discussing concrete activities that we are taking vis-à-vis any specific bank."
In early 2012, the Bank of Israel instructed the banks to conduct a survey to examine their risk to cyber attacks, and their level of preparedness to protect themselves against such attacks. The banks returned the results of the surveys during the summer, but it seems that the Bank of Israel was dissatisfied with the findings, and sent specific responses to each bank.
The Bank of Israel instructed the banks to shorten the timetables for their cyber protection plans, detail the proposed solutions, and deal with the risks that the banks defined as low risk.
The banks believe that the Bank of Israel's demands are extreme, as they will increase the banks expenses. "We give the issue of cyber warfare a very priority, but the Bank of Israel's risk assessment is exaggerated," said one banker. "We're a business that has to manage and plan for risks, but not to let risk manage us."
Published by Globes [online], Israel business news - www.globes-online.com - on December 24, 2012
© Copyright of Globes Publisher Itonut (1983) Ltd. 2012