Financial Crime World

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Jordan’s Central Bank Unveils Cybersecurity Framework to Prevent Financial Crimes

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Amman - In a significant move aimed at safeguarding the financial sector from growing cyber threats, the Central Bank of Jordan (CBJ) has completed the first version of its “Cybersecurity Framework for the Financial Sector”. This framework marks a major milestone in the bank’s efforts to maintain a secure infrastructure and environment within the industry.

Collaboration with Banking Sector

The CBJ collaborated closely with members of the banking sector in Jordan to develop the framework. The document outlines procedures and requirements necessary to ensure cyber-resilient sectoral infrastructure, as well as commitment from members to apply suitable, efficient, and 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 sectoral infrastructure
  • Emphasizes commitment from members to apply suitable, efficient, and effective controls using a risk-based approach
  • Enhances coordination and capabilities in managing and handling organizational and sectoral cyber incidents

FinCERT Initiative

The CBJ’s initiative is part of its efforts through FinCERT, a collaborative team comprising Jordanian banks, which aims to establish a sectoral information sharing and analytics platform. The platform will facilitate the exchange and dissemination of vital information regarding global and local incidents, threats, and vulnerabilities in a timely manner, enabling the financial community to better respond to emerging risks.

Availability

The Cybersecurity Framework for the Financial Sector is now available for download from the CBJ’s website, with a file size of 2.2MB and a PDF format.

Conclusion

The CBJ’s commitment to cybersecurity is seen as a significant step towards preventing financial crimes and maintaining public trust in the banking system. The framework is an important milestone in the bank’s efforts to maintain a secure infrastructure and environment within the industry, and its availability will enable the financial community to better respond to emerging risks.