July 6, 2017 / 11:57 AM / 3 months ago

Denmark's FSA says Jyske Bank's control with IT security not sufficient

COPENHAGEN, July 6 (Reuters) - Jyske Bank

* “Jyske Bank has not established sufficiently control and reporting on IT security. This has led to the risk that the management and board are not sufficiently familiar with the actual risk picture concerning IT,” said Denmark’s Financial Supervisory Authority (FSA) in a report

* The report, dated July 3, was made on the basis of an inspection in the bank during 2016

* The FSA added that Jyske Bank did not fully comply with regulatory requirements for IT including matters related to the bank’s outsourcing of significant IT activities

* The FSA said it among other things had ordered Jyske Bank to strengthen the control with IT security both within the bank and with its suppliers

* “We have noted the FSA’s conclusions from their 2016 inspection which the bank in several cases already has handled,” banking executive Leif Larsen said in a statement on Thursday

* Read Jyske Bank's full response and the report here (in Danish): here%2C+redeg%C3%B8relse.pdf?MOD=AJPERES&CACHEID=ea7adbf2-c229-44f9-bae9-dade92c6f590 (Reporting by Stine Jacobsen; Editing by Jacob Gronholt-Pedersen)

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