Consultation on the Draft Cybersecurity Best Practices Guideline

June 29, 2023
CIRCULAR LETTER TO ALL INSTITUTIONS:
Licensed Under the Financial Institutions Act, 2008 Registered Under the Insurance Act, 2018 Financial Holding Companies; Bureaux de Change Licensed Payment Systems and Payment System Operators Registered Payment Service Providers; E-Money Issuers REF: CB-OIFI-2010/2023 CONSULTATION ON THE DRAFT CYBERSECURITY BEST PRACTICES GUIDELINE Companies are increasingly relying on the Internet and technology to conduct their daily activities. In addition, companies are increasingly utilizing the services of third parties, such as fintechs and cloud service providers, to deliver their on-line products and services, on-board customers and fulfill know your customer/ customer due diligence (KYC/CDD) requirements. As a consequence, cyber risk has emerged as a key risk facing the international and domestic financial landscape. Following its webinar on June 6, 2023, the Central Bank of Trinidad & Tobago (Central Bank) has developed a draft Cybersecurity Best Practices Guideline (“Guideline”). The Guideline, seeks to provide companies with guiding principles for establishing adequate cybersecurity frameworks to ensure cyber resilience. The cybersecurity framework to be established should be proportional to the company’s business model, complexity of operations and risks and incorporates 20 requirements arranged under 6 categories: (i) governance; (ii) risk management; (iii) awareness and training; (iv) business continuity and disaster recovery; (v) testing; and (vi) incident management and reporting. Companies are asked to review and comment on this Guideline, which is enclosed and can also be viewed on the Central Bank’s website at:
https://www.central-bank.org.tt/core-functions/supervision/banking-sector-draft-consultation￾papers (banking); https://www.central-bank.org.tt/core-functions/supervision/insurance-sector/draft-and￾consultation-papers (insurance); https://www.central-bank.org.tt/core-functions/supervision/bureaux-de-change/draft-consultation￾papers (bureaux); and https://www.central-bank.org.tt/core-functions/financial-stability/payments-systems under draft and consultation documents (payment service providers). Comments should be submitted by August 15, 2023 electronically to cyberguides@central￾bank.org.tt. We anticipate your co-operation and look forward to your timely feedback. Yours sincerely Patrick Solomon INSPECTOR OF FINANCIAL INSTITUTIONS Cen t r al Ban k o f Tri n i d ad an d To bag o Eric Williams Plaza, Independence Square, Port-of-Spain, Trinidad, Trinidad and Tobago Postal Address: P.O. Box 1250 Telephone: (868) 621-CBTT (2288), 235-CBTT (2288); Fax: (868) 612-6396 E-Mail Address: info@central-bank.org.tt Website: www.central-bank.org.tt