RBA and Home Office sign MoU to strengthen SOCI
The first Memorandum of Understanding (MOU) for Security of Critical Infrastructure (SOCI) has been signed by the Reserve Bank of Australia (RBA) and the Department of Home Affairs.
The MoU aims to assist both the Home Office and the RBA in their “regulatory responsibilities” under the Critical Infrastructure Security Act of 2018 by increasing transparency and communication between the two agencies.
Arguably the most important element of the new MoU is the discussion of issues relating to critical assets in the payments system, of which the RBA is the Commonwealth regulator.
“The purpose of this MoU is to promote increased resilience against all risks of assets used in the operation of a payment system considered essential to the security and reliability of the services sector and markets financial… through regulatory measures. activities by [Home Affairs] and the RBA,” the RBA said in a new statement.
Alongside increased communication on issues relating to critical payment system assets, the Home Office said the MoU would prevent the RBA and the Home Office from collecting the same data and causing duplications. See the Home Office consult the RBA when implementing the SOCI Act in relation to critical payment systems. and communications between the two in relation to the RBA’s annual critical risk management reports, ensuring a “common approach to the receipt and review of these reports”.
The MoU will not create any enforceable or legally binding obligations on any of the agencies, and none of their functions and powers shall be limited.
“An important consideration in this and future MoUs is to avoid unnecessary regulatory burden on responsible entities,” the Home Office added.
“The ministry will continue to work with other regulatory bodies to reach agreement on the security management of critical infrastructure assets.”
