Belize: Technical Assistance Report—Cybersecurity, Regulation, Supervision, and Resilience

September 25, 2020

Preview Citation

Format: Chicago

Belize: Technical Assistance Report—Cybersecurity, Regulation, Supervision, and Resilience, (USA: International Monetary Fund, 2020) accessed November 21, 2024

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.

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

Keywords: Central bank bills, Control environment, CR, Cyber risk, Cybersecurity governance, Cybersecurity guidance note, Cybersecurity guideline, Cybersecurity innovation, Cybersecurity posture, Cybersecurity process, Cybersecurity regulation, Cybersecurity resilience, Efficiency gain, Global, Guidance note, Incident management, Incident reporting, Internal audit, ISCR, Operational risk, Risk management, Securities, Self-assessment guidance

Publication Details

Pages:

22
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2020/283
Stock No:

1BLZEA2020002
ISBN:

9781513557441
ISSN:

1934-7685

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