Regulatory Alerts2017-10-24
Determinations under the Banking Institutions Act, 1998: Information Security
The Bank of Namibia issued Determination BID-30 to mandate comprehensive information security standards for all authorized banking institutions operating in Namibia. The regulation requires boards and senior management to establish, implement, and continuously improve a risk-aligned security program covering governance, vulnerability management, third-party controls, system protection, and incident response. Effective 1 March 2018, non-compliant institutions face regulatory remedial actions as the Bank enforces these requirements to mitigate operational and financial risks from cyber threats.
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