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Spurred by the COVID-19 pandemic, financial institutions now provide customers with more electronic and/or digitized options for the conduct of financial transactions. The Central Bank of Barbados (the Bank) recognizes that cyber risk is a growing threat in the financial sector, given this increasing use of technology, paired with the inherent high interconnectivity in the system.
Consequently, in an effort to maintain a stable financial system and promote compliance with evolving information security standards, the Bank now issues its Technology and Cyber Risk Management Guideline which explains the regulatory expectations for the effective management of cyber risk and reporting and classification of a cyber incident.