The Banking Supervision Department and the National Cyber Directorate Sign a Memorandum of Understanding Regarding Collaboration

The Banking Supervision Department and the National Cyber Directorate today signed a memorandum of understanding for collaboration in the area of cyber defense for the banking system.

The memorandum of understanding refers to ongoing collaboration with the goal of strengthening the banking system’s resilience to cyber risks and the banking sector’s preparation for and handling of cyber attacks. In addition, the memorandum of understanding refers to the roles of each of the entities in a case of a material cyber event in the banking system occurring.

 

Supervisor of Banks Dr. Hedva Ber said, “Protecting bank customers and the economy against cyber risks requires combined action by several entities at the same time: protection at the individual bank level—a regulatory framework for managing the risk, which is being led by the Banking Supervision Department, and at the national defense level—essentially an “Iron Dome”, which will be supplied by the National Cyber Directorate. I am pleased that the National Cyber Directorate will have an important role in the protective cover against material cyber events in the banking system”.

Director General of the National Cyber Directorate Mr. Yigal Unna said, “Cyber risks to the banking sector are increasing as the world of banking becomes more digital, technological, and online. Today more than ever collaboration is required in order to deal with the challenge. The collaboration of the Cyber Directorate with the Banking Supervision Department improves the ability to provide cyber protection for the banking sector as a whole and reflects a synergy between the professional knowledge in the areas of banking and cyber”.​