Regulatory Alerts2024-01-01
Standard of Sound Practice on Management of Cyber Risks
The Bank of Jamaica issued this Standard of Sound Practice to establish minimum cyber risk management requirements for deposit-taking institutions under the Banking Services Act. The document mandates a comprehensive governance framework featuring four lines of defense, requiring Boards to exercise direct oversight, define risk tolerance, and foster a cyber-risk-aware culture. It further specifies operational responsibilities for senior management and key roles, including the CISO and CIRR functions, to ensure robust identification, mitigation, and reporting of cyber threats.
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