Reserve Bank ‘to consider further regulatory interventions on cyber security’
While credit extension to consumers has over the past year remained tight‚ the opposite has been true for the corporate sector.This is according to the 2015 annual report of the South African Reserve Bank's bank supervision department."Credit extension to the corporate sector‚ by contrast‚ has been buoyant‚" read the annual report released on Wednesday in Johannesburg."However‚ during the past 24 months‚ together with the economic backdrop and sovereign risk issue... require renewed focus on the sector's management of credit risk."The report showed that‚ despite the continuous challenging economic conditions‚ there has been a noticeable decrease in operational risk losses in 2015 compared to 2014."The losses emanated mainly from execution delivery and process management and external fraud event types‚" read the report.The banking supervision report also highlighted that cyber security remained a concern."The department will also consider further regulatory interventions‚" read the report.Reserve Bank deputy govenor Kuben Naidoo added that service providers of banks were also facing the risk of cyber security threats as in the past criminals would attack the companies.He said the department would also focus more on how the institutions were being run and the cyber security systems that they have put in place. ..
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