Bank of Jamaica
The Bank of Jamaica says its Financial Policy Committee (FPC), has approved 10 Cyber Resilience Principles for local financial institutions to pay keen attention to.
The committee approved the principles at the December 6 meeting.
These principles include viewing cyber security as not just an IT Issue, understanding the Legal Basis of the issues and implementing Security by Design.
The BOJ says, by applying these principles, regulated entities in the Jamaican financial sector are expected to enhance board oversight of cyber risks and strengthen preparedness against cyber threats to facilitate rapid recovery from cyber incidents.
It also expected to promote cyber information and threat information sharing across the financial sector, involving both public and private stakeholders.
The principles were developed upon the recommendation of the Financial System Stability Committee (FSSC), which provides support to Bank of Jamaica in the area of the identification, mitigation and control of systemic macroprudential threats to the financial system.
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