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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.
Frank Adelmann, Ibrahim Ergen, Tamas Gaidosch, Nigel Jenkinson, Anastasiia Morozova, Nadine Schwarz, and Christopher Wilson

. Cybersecurity regulation and supervision play an important role in strengthening resilience and delivering public policy objectives. Regulation and supervision set consistent minimum standards to be used by financial institutions, including promoting good cyber hygiene and setting expectations for risk management practices, incident reporting, and response and recovery protocols, as well as internal governance procedures. Active financial supervision supports effective implementation ( Gaidosch and others 2019 ). 20. Good progress has been made to strengthen cybersecurity

International Monetary Fund. Monetary and Capital Markets Department

Front Matter Page IMF Country Report No. 20/283 BELIZE TECHNICAL ASSISTANCE REPORT—CYBERSECURITY REGULATION, SUPERVISION, AND RESILIENCE September 2020 This Technical Assistance report on Belize was prepared by a staff team of the International Monetary Fund. It is based on the information available at the time it was completed on April 2019. Disclaimer : This document was prepared before COVID-19 became a global pandemic and resulted in unprecedented economic strains. It, therefore, does not reflect the implications of these

International Monetary Fund. Monetary and Capital Markets Department

address alternate ways to run the business processes are lacking . Most notably, there are no contingency plans for alternate work arrangements and there is no standby office space available in case the main building becomes inaccessible. The mission recommends four key steps to improve cybersecurity regulation and supervision . These are: (i) issue enforceable cybersecurity guidelines; (ii) develop a supervisory manual aligned with the supervisory guidelines; (iii) set up a dedicated IT supervisory team composed of at least two inspectors; and (iv) develop a rulebook

Tamas Gaidosch, Frank Adelmann, Anastasiia Morozova, and Christopher Wilson

supervisory actions where needed. Cybersecurity regulation requirements, like in other areas of regulation, should be applicable to supervised firms in a manner proportionate to their risk. Requirements setting out the range of cybersecurity risk management controls (“control coverage”) should apply to all supervised firms, but increased complexity and systemic importance should be reflected in how in-depth and sophisticated those controls become (referred to as “maturity”) (see the section titled “Supervisory Assessment”). Cybersecurity regulation for supervised firms

Tamas Gaidosch, Frank Adelmann, Anastasiia Morozova, and Christopher Wilson
This paper highlights the emerging supervisory practices that contribute to effective cybersecurity risk supervision, with an emphasis on how these practices can be adopted by those agencies that are at an early stage of developing a supervisory approach to strengthen cyber resilience. Financial sector supervisory authorities the world over are working to establish and implement a framework for cyber risk supervision. Cyber risk often stems from malicious intent, and a successful cyber attack—unlike most other sources of risk—can shut down a supervised firm immediately and lead to systemwide disruptions and failures. The probability of attack has increased as financial systems have become more reliant on information and communication technologies and as threats have continued to evolve.
International Monetary Fund. Asia and Pacific Dept

Singapore), including on how to use e-payments solutions, is also important. Government Spending on Proactive Labor Market Policies (% of GDP, 2018) Sources: OECD data, Public expenditure and participant stocks on labor market policies. 16. Data privacy, consumer protection, and cybersecurity regulations need to be strengthened, while more needs to be done to promote interoperability . Recent cyberattack incidents have exacerbated general mistrust in the digital economy and discouraged its adoption. In a 2019 survey of Japan’s financial institutions, more

Tamas Gaidosch, Frank Adelmann, Anastasiia Morozova, and Christopher Wilson

:// Office of Financial Research . 2016 . 2016 Financial Stability Report . Office of Financial Research . 2017 . 2017 Financial Stability Research . 1 An IMF survey of 40 developing jurisdictions revealed that 92.5 percent face skills shortages in cybersecurity regulation and supervision. Anecdotal evidence points to a similar situation in

Frank Adelmann, Ms. Jennifer A. Elliott, Ibrahim Ergen, Tamas Gaidosch, Nigel Jenkinson, Mr. Tanai Khiaonarong, Anastasiia Morozova, Nadine Schwarz, and Christopher Wilson
The ability of attackers to undermine, disrupt and disable information and communication technology systems used by financial institutions is a threat to financial stability and one that requires additional attention.