Cybersecurity Threats to Finance in Jamaica: Government Adopts New Cyber Resilience Principles

The Financial System Stability Committee (FSSC) has approved 10 Cyber Resilience Principles to enhance cybersecurity in Jamaica’s financial sector. These principles aim to strengthen preparedness against cyber threats and promote information sharing across the financial sector.

Emphasis on Board Oversight and Incident Response

The new guidelines emphasize the importance of:

Board oversight in managing cyber risks
Rapid recovery from cyber incidents
Safeguarding financial system stability

Regulated entities are expected to apply these high-level principles to demonstrate their ability to secure critical systems amid cyber threats.

International Standards and Stakeholder Collaboration

The Cyber Resilience Principles are grounded in international standards and were approved by:

Bank of Jamaica
Financial Services Commission
Jamaica Deposit Insurance Company

The FSSC has been working closely with stakeholders to develop these principles, which aim to promote:

Clarity in managing cyber risks
Durability in implementing cybersecurity measures
Proportionality in responding to cyber incidents

Cybersecurity Expert Insights

Cybersecurity experts warn that Jamaica’s financial sector is increasingly vulnerable to cyber threats, particularly given its growing reliance on digital transactions and data sharing.

“The adoption of these principles is a significant step forward in protecting our financial system from cyber attacks,” said [expert name], cybersecurity expert.

Implementation Timeline

Regulated entities are expected to apply the Cyber Resilience Principles immediately. A full publication of the guidelines is available for public review.

The FSSC has also launched an initiative to promote information sharing across the financial sector, with the aim of enhancing overall resilience within the interconnected digital ecosystem.

About the Financial System Stability Committee (FSSC)

The FSSC is responsible for supporting Bank of Jamaica in identifying, mitigating, and controlling systemic macroprudential threats to the financial system. The FSSC is comprised of representatives from:

Bank of Jamaica
Financial Services Commission
Jamaica Deposit Insurance Corporation
Ministry of Finance
Two members appointed by the Minister of Finance and the Public Service

Contact: [official name], Chairman of the FSSC