The Bank of Israel’s Banking Supervision Department issues Proper Conduct of Banking Business Directive 361 on Cyber Defense Management.
Key points
- A board-approved cyber defence strategy.
- A cyber defence manager.
- Risk assessment and supply chain controls.
- Monitoring, incident reporting and regular testing.
UK technology providers serving Israeli banks and credit card companies should expect Directive 361 requirements in contracts. The directive was one of the earliest board-level cyber regulations for banks and set a model later followed by other regulators. Suppliers may be asked to demonstrate supply chain security, testing and incident reporting capabilities.
Source: Proper Conduct of Banking Business Directive 361 – Cyber Defense Management (Bank of Israel)
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