Financial Crime World

Jordan Takes Bold Step Against Financial Crime with Launch of Cybersecurity Framework for Financial Sector

A Landmark Initiative to Bolster Defenses Against Financial Crime

Amidst growing concerns over the increasing threat of cyber attacks in Jordan’s financial industry, the Central Bank of Jordan (CBJ) has announced the completion of its “Cybersecurity Framework for the Financial Sector”, a landmark initiative aimed at bolstering the country’s defenses against financial crime.

A Comprehensive Understanding of Cyber Threats

Developed in close collaboration with Jordanian banks, the framework is designed to provide a comprehensive understanding of the cyber threat landscape facing the sector. It outlines the procedures and requirements necessary to ensure cyber-resilient infrastructure, ensuring that banking institutions commit to implementing effective controls using a risk-based approach.

Key Features of the Framework

  • Provides a comprehensive understanding of the cyber threat landscape facing the financial sector
  • Outlines procedures and requirements for ensuring cyber-resilient infrastructure
  • Emphasizes the need for banking institutions to implement effective controls using a risk-based approach
  • Enhances the ability of organizations and the sector as a whole to manage and handle cyber incidents in a timely and efficient manner
  • Provides a platform for information sharing and analysis among Jordanian banks, enabling them to share vital information on global and local threats, vulnerabilities, and incidents

Benefits of the Framework

  • Minimizes the risk of financial crime
  • Enables banking institutions to implement effective controls using a risk-based approach
  • Enhances the ability of organizations and the sector as a whole to manage and handle cyber incidents in a timely and efficient manner
  • Fosters information sharing and analysis among Jordanian banks, enabling them to share vital information on global and local threats, vulnerabilities, and incidents

Availability of the Framework

The Cybersecurity Framework for the Financial Sector can be downloaded from the Central Bank’s website in PDF format (2.2MB).

Note: FinCERT, a collaborative team led by CBJ with membership from Jordanian banks, is one of the key initiatives behind this framework.