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Central Bank Issues Compliance Directions for Cybersecurity Best Practices
Port of Spain, Trinidad and Tobago - The Central Bank of Trinidad and Tobago has issued compliance directions for the implementation of cybersecurity best practices in the financial sector.
Guidelines for Reporting Cyber Incidents
The guidelines are aimed at providing a framework for financial institutions to report cyber incidents and ensure that they have adequate measures in place to prevent and respond to such incidents. The template provides a comprehensive checklist for financial institutions to follow when reporting cyber incidents, including details on:
- Incident description
- Actions taken
- Impact assessment
- Root cause analysis
International Best Practices and Standards
The guidelines are based on international best practices and standards, including those from the Bank for International Settlements (BIS), Federal Financial Institutions Examination Council (FFIEC), Financial Stability Board (FSB), National Institute of Standards and Technology (NIST), and others.
Requirements for Compliance
Financial institutions are required to implement a range of measures, including:
- Conducting regular risk assessments and penetration testing
- Implementing multi-factor authentication and access controls
- Encrypting sensitive data
- Monitoring for suspicious activity and reporting incidents promptly
- Conducting incident response planning and training
Timeline for Compliance
Financial institutions are required to comply with the guidelines by [insert date]. The Central Bank has also established a framework for reviewing compliance with the guidelines, which includes regular examinations and assessments.
Availability of Guidelines
The guidelines are available on the Central Bank’s website. For more information, please contact [insert contact person or department].
Related Resources
- BIS, Financial Stability Institute (FSI) Insights on policy implementation No 50 - Banks’ cyber security - a second generation of regulatory approaches - June 2023
- FFIEC Information Technology Examination Handbook: Information Security - September 2016
- FSB Cyber Incident Reporting: Existing Approaches and Next Steps for Broader Convergence - October 2021
- NIST Framework for Improving Critical Infrastructure Cybersecurity - April 2018
- NIST Special Publication 800-53 Revision 5: Security and Privacy Controls for Information Systems and Organizations - September 2020
- NIST Special Publication 800-150 - Guide to Threat Information Sharing - October 2016
About the Central Bank of Trinidad and Tobago
The Central Bank of Trinidad and Tobago is responsible for promoting monetary stability, maintaining financial system integrity, and fostering economic growth in Trinidad and Tobago. The bank’s mission is to maintain low and stable inflation, promote financial inclusion, and ensure the stability of the financial system.