Bank of Israel - Press Releases - The Banking Supervision Department and the National Cyber Directorate Sign a Memorandum of Understanding Regarding Collaboration
Central bank: boi | Type: statement | Date: 2019-06-02

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 Bersaid,
“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 DirectorateMr.
Yigal Unnasaid, “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”.​