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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 developments and related policy priorities. We direct you to the IMF Covid-19 page that includes staff recommendations with regard to the COVID-19 global outbreak.

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© 2020 International Monetary Fund

INTERNATIONAL MONETARY FUND

Monetary and Capital Markets Department

Belize Cybersecurity Regulation, Supervision, and Resilience

Tamas Gaidosch (MCM Staff) and Filip Caron (External Expert)

June 2020

The contents of this document constitute technical advice provided by the staff of the International Monetary Fund (IMF) to the authorities of Belize (the “TA recipient”) in response to their request for technical assistance. This report (in whole or in part) or summaries thereof may be disclosed by the IMF to IMF Executive Directors and members of their staff, as well as to other agencies or instrumentalities of the TA recipient, and upon their request, to World Bank staff and other technical assistance providers and donors with legitimate interest, unless the TA recipient specifically objects to such disclosure (see Operational Guidelines for the Dissemination of Technical Assistance Information— http://0-www-imf-org.library.svsu.edu/external/np/pp/eng/2013/061013.pdf). Disclosure of this report (in whole or in part) or summaries thereof to parties outside the IMF other than agencies or instrumentalities of the TA recipient, World Bank staff, other technical assistance providers and donors with legitimate interest shall require the explicit consent of the TA recipient and the IMF’s Monetary and Capital Markets Department.

Contents

  • Glossary

  • Preface

  • Executive Summary

  • I. Introduction

  • II. Cybersecurity Regulation

    • A. Assessment

    • B. Recommendations

  • III. Cybersecurity Supervisory Practices

    • A. Assessment

    • B. Recommendations

  • IV. Cyber Resilience

    • A. Assessment

    • B. Recommendations

  • V. Next Steps

  • Table

  • 1. Key Recommendations

Glossary

APSSS

Automated Payment and Securities Settlement System

BCM

Business Continuity Management

BCP

Business Continuity Plan

BIA

Business Impact Analysis

CBB

Central Bank of Belize

CISA

Certified Information Systems Auditor

CISSP

Certified Information Systems Security Professional

COBIT

Control Objectives for IT

CSC

Cyber Security Committee

DR

Disaster Recovery

ERM

Enterprise Risk Management

FSB

Financial Stability Board

IT

Information Technology

MCM

Monetary and Capital Markets Department

NIST

National Institute of Standards and Technology

OSFI

Office of the Superintendent of Financial Institutions

RPO

Recovery Point Objective

SMS

Security Management System

SWIFT

Society for Worldwide Interbank Financial Telecommunication

WAN

Wide Area Network

Preface

At the request of the Central Bank of Belize (CBB), a Monetary and Capital Markets (MCM) Department mission visited Belize City during April 3–12, 2019. The purpose of the mission was to: (i) build cybersecurity1 regulation and supervision capacity, and (ii) improve the cyber resilience of the CBB by supporting a business continuity planning effort.

The mission team met with the Governor and Deputy Governors of the CBB, senior officials, and staff involved in information security, information technology (IT), and bank supervision. The mission also met with industry representatives at a Cyber Security Committee meeting and senior officials of the CBB from different departments at a business continuity management (BCM) workshop.

The mission wishes to thank the CBB for their cooperation, productive discussions, and their hospitality.

Belize: Technical Assistance Report—Cybersecurity, Regulation, Supervision, and Resilience
Author: International Monetary Fund. Monetary and Capital Markets Department