With cyber risk growing in the financial sector, the Central Bank of Barbados is urging all of its licensees to take action against the threat.
It has issued a Technology And Cyber Risk Management Guideline requiring commercial banks, trusts, finance and merchant banks, and money transmission service providers to “put in place adequate and robust risk management systems as well as operating processes to manage these risks”.
This comes as officials of the International Monetary Fund (IMF) and the Financial Stability Board warn that the interconnected nature of the global financial system meant that central banks and other regulators needed to strengthen cybersecurity oversight, and harmonise cyber incident reporting and effective information sharing with their international counterparts.
The bank said the new guideline was general in nature and not intended to replace or override any legislative provisions. (SC)
