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International Monetary Fund. Monetary and Capital Markets Department
Cybersecurity risk is embedded in the CBB’s supervisory framework, but additional enhancements are needed to formalize guidance and develop more intensive supervisory practices. Supervisory expectations on cybersecurity are presented in an informal guidance note, which should be formalized into regulation to ensure enforceability; and an IT/cybersecurity supervisory manual should be developed to promote effective and consistent practices. With its principle-based guidance note, the CBB highlights its priorities in strengthening the cybersecurity posture of Belizean financial institutions. The principles are an appropriate interpretation of international best practices on incident prevention, detection, response, and recovery measures, adapted to the cyber maturity of the Belizean financial institutions, and can be used as a foundation for the formalized guidelines. The manual could emphasize the review of cybersecurity strategies, policies, and responsibility specifications and should address obtaining assurance on the effectiveness of the financial institutions’ processes for cyber risk identification, assessment, and mitigation.
International Monetary Fund. Monetary and Capital Markets Department

. Introduction 1. The mission focused on two topics: (i) the Belizean regulatory framework for cybersecurity and the CBB’s IT supervisory practices, and (ii) the cybersecurity resilience and governance elements of the CBB’s internal BCM framework . To achieve its goals, the mission reviewed relevant documentation, such as the cybersecurity guidance note, the terms of reference of the CSC, sample reports, plans, policies, procedures, risk assessments, and other internal IT and information security documents. The mission team interviewed senior staff to understand the context

Hector Perez-Saiz and Preya Sharma

the banking sector in 2012 followed by a cybersecurity guidance note to the banking sector in 2017. The CBK has subsequently extended the coverage of cybersecurity guidelines to payment service providers through its 2018 draft guidelines. In addition to guidance on cyber-risks issues, the CBK has emphasized supervision, collaboration with national agencies, and information security in its strategy to mitigate cyber-risk. For instance, bank supervision includes vulnerability assessments to assess the quality of cyber-risk management, onsite examinations of the

Mr. Amadou N Sy, Mr. Rodolfo Maino, Mr. Alexander Massara, Hector Perez-Saiz, and Preya Sharma
FinTech is a major force shaping the structure of the financial industry in sub-Saharan Africa. New technologies are being developed and implemented in sub-Saharan Africa with the potential to change the competitive landscape in the financial industry. While it raises concerns on the emergence of vulnerabilities, FinTech challenges traditional structures and creates efficiency gains by opening up the financial services value chain. Today, FinTech is emerging as a technological enabler in the region, improving financial inclusion and serving as a catalyst for the emergence of innovations in other sectors, such as agriculture and infrastructure.