Regulatory Alerts2022-11-22
Added · Updated
Proposed Financial Cybersecurity Controls
The Central Bank of Bahrain has integrated a draft national cybersecurity standard from the Ministry of Interior’s National Cybersecurity Center into all Rulebook volumes, requiring licensees to implement best practices across seven domains: governance, financial technology cybersecurity, cyber defense, assessment, third-party security, incident management, and audit. Regulated entities must review the draft standards and submit their feedback or nil comments in an editable format to the National Cybersecurity Center by 22 November 2022, copying the Central Bank. These controls will establish mandatory compliance frameworks for financial institutions to strengthen their overall cybersecurity posture and operational resilience.
Office of the Governor
Central Bank of Bahrain
OG/381/2022
8th November 2022
Chief Executive Officer
All licensees
Manama
Kingdom of Bahrain
Dear Sir/Madam,
Consultation: Proposed Financial Cybersecurity Controls
The Central Bank of Bahrain (“CBB”) has received from the Ministry of Interior’s National Cybersecurity Center (“NCSC”) a draft national level standard on Financial Cybersecurity Controls, which will be incorporated within all Volumes of the CBB Rulebook. The draft standards address the best practices to be implemented in seven domains which are Governance, Cybersecurity of Financial Technology, Cyber Defense, Cybersecurity Assessment, Cybersecurity of Third-Party, Cybersecurity Incident Management and Cybersecurity Audit.
Accordingly, the CBB requests all licensees to review the attached draft standards and provide NCSC with their comments including “nil comments” in an editable format to CyberPolicy@NCSC.GOV.BH with a copy to the CBB at consultation@cbb.gov.bh by 22nd November 2022.
The draft standards will also be available on the CBB website (www.cbb.gov.bh) under the “Open Consultations” Section.
Yours faithfully,
Rasheed M. Al-Maraj
Governor
cc: Bahrain Association of Banks
Ministry of Interior - National Cybersecurity Center
ص.ب: 27، المنامة - مملكة البحرين
هاتف: (+973) 17056700 - فاكس: (+973) 17057799
P.O. Box : 27, Manama - Kingdom of Bahrain
Tel: (+973) 17547500 - Fax: (+973) 17537799
website: www.cbb.gov.bh
E-mail: governor@cbb.gov.bh
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