Saint Kitts and NevisSaint Kitts and Nevis Eastern Caribbean Central Bank Electronic Banking Standard, Security Controls
In force since .
A sector security regimes rule binding private bodies.
- Instrument type
- a regulation made under an act
- Obligation class
- Security, Governance
As of .
What it requires
- This binds an institution licensed under the Banking Act of Saint Kitts and Nevis: the Prudential Standard for Electronic Banking applies to all institutions licensed under the Banking Act, and it came into effect on (reached by declaring that you are a bank).
- Make sure the security control infrastructure is in place to secure e-banking systems and data from internal and external threats, including appropriate authorisation, logical and physical access controls and adequate security infrastructure (paragraph 5.2.1).
- If e-banking services are outsourced, assess that the necessary controls are in place (paragraph 5.2.1).
- Implement a comprehensive security process with policies and procedures that address internal and external security threats in terms of incident prevention and the appropriate response, including physical controls, specialised security staff, logical controls with ongoing monitoring of network intrusion attempts, and ongoing review and testing of security measures (paragraph 5.2.2).
- Reinforce information security controls to preserve the confidentiality and integrity of customer data, and protect sensitive and high-risk e-banking systems with mechanisms such as encryption, firewalls, access control and data recovery plans (paragraph 5.2.4).
- Submit the security process you implement to the Central Bank (paragraph 6.4).
These lines are LexLint's reading of the law's text, as of .
If you get it wrong
Criminal exposureYes
Criminal exposure note
Section 80 of the Banking Act makes a licensed financial institution's failure to comply with a requirement or prohibition imposed on it under the Part of the Act that contains section 80 an offence, punishable on summary conviction by a fine of one hundred thousand dollars and a further penalty of ten thousand dollars for each day a continuing offence continues after conviction.
Who enforces it
Enforcement body
The Central Bank, which may subject a licensed financial institution that violates a prudential standard issued by the Central Bank to the remedial actions specified in section 75 of the Banking Act.
Settledness
- As of
- Open questions
- Does the Central Bank apply the 3-day incident report in paragraph 6.4 and the 24-hour alert in the Technology Risk Management standard as two separate notices?
What this law does
The Eastern Caribbean Central Bank issued the Prudential Standard for Electronic Banking in exercise of the powers conferred on it by section 184 of the Banking Act. The standard applies to all institutions licensed under the Banking Act. The standard comes into effect on .
Paragraph 5.2.1 of the standard requires a licensed financial institution to ensure that the necessary security control infrastructure is in place to secure e-banking systems and data from both internal and external threats. Paragraph 5.2.2 of the standard requires a comprehensive security process, inclusive of policies and procedures that address possible internal and external security threats in terms of incident prevention and the appropriate response.
Paragraph 6.4 of the standard requires the security process implemented by the institution to be submitted to the Central Bank. The standard states that institutions found in violation of it are subject to remedial actions specified in section 75 of the Banking Act.
Section 75(1)(c) of the Banking Act of Saint Kitts and Nevis provides that a licensed financial institution that violates any prudential standard issued by the Central Bank may be subject to the remedial actions specified in section 75(2). Section 75(2) of the Act lets the Central Bank issue a written warning, conclude a written agreement providing for a program of remedial action, issue an order, or issue directions to the management.
Section 80 of the Banking Act of Saint Kitts and Nevis makes it an offence for a licensed financial institution to fail to comply with any requirement or contravene any prohibition imposed on it under the Part of the Act that contains section 80.
Under section 80(a), a licensed financial institution convicted of that offence is liable on summary conviction to a fine of one hundred thousand dollars, with a further penalty of ten thousand dollars for each day a continuing offence continues after conviction.
When LexLint raises it
When your app profile says your app is a bank.