TECHNICAL ASSISTANCE REPORT—CYBERSECURITY REGULATION, SUPERVISION, AND RESILIENCE
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.
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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Belize Cybersecurity Regulation, Supervision, and Resilience
Tamas Gaidosch (MCM Staff) and Filip Caron (External Expert)
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.
II. Cybersecurity Regulation
III. Cybersecurity Supervisory Practices
IV. Cyber Resilience
V. Next Steps
1. Key Recommendations
Automated Payment and Securities Settlement System
Business Continuity Management
Business Continuity Plan
Business Impact Analysis
Central Bank of Belize
Certified Information Systems Auditor
Certified Information Systems Security Professional
Control Objectives for IT
Cyber Security Committee
Enterprise Risk Management
Financial Stability Board
Monetary and Capital Markets Department
National Institute of Standards and Technology
Office of the Superintendent of Financial Institutions
Recovery Point Objective
Security Management System
Society for Worldwide Interbank Financial Telecommunication
Wide Area Network
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.