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.

Jamaica

Bank of Jamaica