As we work closely with these agencies, the emerging area of crime that threatens the very existence of financial institutions is cybercrime. Cyber criminals have managed to bypass security controls and to exploit breaches or vulnerabilities within the cyber and information security defenses of financial systems.
In this regard, the Central Bank issued a draft directive on cyber and information security to the banking industry. Page | 4  Mr. Chairman, we also issued the final directive of the Capital Requirement Directive (CRD) which addresses Pillar one (1) of Basel II/III capital regime. The Pillar II of the Basel accord is expected to strengthen the supervisory review process.