Jordan’s Financial Institutions Face Cybersecurity Threats: Central Bank Releases Framework to Mitigate Risks

Growing Concerns Over Cyber Attacks in Jordan’s Financial Sector

The Central Bank of Jordan has announced the completion of its “Cybersecurity Framework for the Financial Sector”, a comprehensive guide designed to help financial institutions mitigate cyber threats and maintain a secure infrastructure.

Rapid Expansion of Digital Services Exposes Financial Institutions to Increased Risks

The move comes as part of the bank’s commitment to maintaining a secure environment in the financial industry, particularly following the rapid expansion of digital services. As more financial transactions are conducted online, the risk of cyber attacks increases, making it essential for institutions to implement robust cybersecurity measures.

Framework Development: A Collaborative Effort

The framework was developed through close collaboration with Jordanian banking members, who shared their expertise and best practices to create a risk-based approach to cybersecurity. The Central Bank’s FinCERT team played a crucial role in developing the framework, which is part of its broader initiatives to improve the financial sector’s cybersecurity posture.

Key Objectives of the Framework

Ensure that financial institutions adopt suitable, efficient, and effective controls to mitigate cyber threats
Enhance coordination and capability among stakeholders in managing and responding to organizational and sectoral cyber incidents

FinCERT is a collaborative effort between the Central Bank and Jordanian banks, focusing on establishing a sectoral information sharing and analytic platform for timely dissemination of vital information regarding global and local cyber threats.

Accessing the Framework

The Cybersecurity Framework for the Financial Sector has been released as a downloadable PDF file (2.2MB) for industry stakeholders to access and implement in their operations.