Belize: Technical Assistance Report—Cybersecurity, Regulation, Supervision, and Resilience
Electronic Access:
Free Download. Use the free Adobe Acrobat Reader to view this PDF file
Summary:
Cybersecurity risk is embedded in the CBB’s supervisory framework, but additional enhancements are needed to formalize guidance and develop more intensive supervisory practices. Supervisory expectations on cybersecurity are presented in an informal guidance note, which should be formalized into regulation to ensure enforceability; and an IT/cybersecurity supervisory manual should be developed to promote effective and consistent practices. With its principle-based guidance note, the CBB highlights its priorities in strengthening the cybersecurity posture of Belizean financial institutions. The principles are an appropriate interpretation of international best practices on incident prevention, detection, response, and recovery measures, adapted to the cyber maturity of the Belizean financial institutions, and can be used as a foundation for the formalized guidelines. The manual could emphasize the review of cybersecurity strategies, policies, and responsibility specifications and should address obtaining assurance on the effectiveness of the financial institutions’ processes for cyber risk identification, assessment, and mitigation.
Series:
Country Report No. 2020/283
Subject:
Central bank bills Central banks Cyber risk Financial institutions Financial regulation and supervision Financial services Internal audit Operational risk Public financial management (PFM) Securities Technology
Frequency:
regular
English
Publication Date:
September 25, 2020
ISBN/ISSN:
9781513557441/1934-7685
Stock No:
1BLZEA2020002
Pages:
22
Please address any questions about this title to publications@imf.org