New Zealand bank responding to data breach

The Reserve Bank of New Zealand (RBNZ) says it’s responding to a breach of one of its data systems.

In a statement Sunday, the bank said a third-party service it uses to share and store sensitive information was illegally accessed.

The breach has been contained, the bank added, and system is being taken off-line until initial investigations are completed.

Adrian Orr, governor of the RBNZ, said the bank is treating the matter with “the highest priority.”

“We are working closely with domestic and international cyber security experts and other relevant authorities as part of our investigation and response to this malicious attack,” Orr said in a statement.

“The nature and extent of information that has been potentially accessed is still being determined, but it may include some commercially and personally sensitive information.”

New Zealand has been dealing with an increasing number of cyberattacks, Reuters reported. The bank warned in November 2019 that the frequency and severity of cybersecurity incidents were rising.

The news service also notes that RBZN said last February that cyber incidents for the banking and insurance industries were expected to cost between $58 million $101 million per year.