. 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
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
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
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
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
://www.csis.org/analysis/economic-impact-cybercrime Office of Financial Research . 2016 . 2016 Financial Stability Report . https://www.financialresearch.gov/financial-stability-reports/fles/OFR_2016_Financial-Stability-Report.pdf Office of Financial Research . 2017 . 2017 Financial Stability Research . https://www.financialresearch.gov/financial-stability-reports/fles/OFR_2017_Financial-Stability-Report.pdf 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