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Cybersecurity Measures Approved for Financial Institutions in Jamaica

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The Financial System Stability Committee (FSSC) has approved 10 Cyber Resilience Principles to enhance cybersecurity measures for financial institutions in Jamaica.

Background

The FSSC provides support to Bank of Jamaica in identifying, mitigating, and controlling systemic macroprudential threats to the financial system. The committee undertakes assessments of developments in the financial system and international markets and gives oversight to the design and conduct of periodic stress tests on plausible systemic threats to the stability of Jamaica’s financial system.

FSSC Cyber Resilience Principles

The principles are designed to promote clarity, durability, and proportionality in managing cyber risks by boards, management, staff, and third-party technology providers of licensed financial institutions. They emphasize the importance of demonstrating the ability to secure critical systems against cyber threats, ensuring functionality, security, and integrity.

Key Principles

  • Demonstrate the ability to secure critical systems against cyber threats
  • Ensure functionality, security, and integrity
  • Encourage rapid recovery and continuous preparedness in the ever-evolving threat landscape

These principles are not prescriptive but rather provide guidance on how to manage cyber risks effectively. They cover areas such as:

  • Board oversight
  • Preparedness against cyber threats
  • Information sharing across the financial sector

Expected Outcomes

By applying these high-level principles, regulated entities in Jamaica’s financial sector are expected to enhance their cybersecurity measures, strengthen their preparedness against cyber threats, and promote information sharing across the industry.

FSSC Committee Members

The FSSC is a committee established by Bank of Jamaica to support the identification, mitigation, and control of systemic macroprudential threats to the financial system. The committee consists of representatives from:

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

Full Publication

The full publication of the FSSC Cyber Resilience Principles is available on the website of Bank of Jamaica.