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Law / Solomon Islands

Central Bank of Solomon Islands Prudential Guideline No. 13 on Information Technology Security Risk Management

Prudential Guideline No. 13, paras. 9 to 19 (Central Bank of Solomon Islands)

In force since .

A sector security regimes rule binding private bodies.

Instrument type
a regulation made under an act
Obligation class
Security

What it requires

  • This binds a financial institution licensed or deemed licensed by the Central Bank of Solomon Islands (reached by declaring that you provide financial services); it does not reach any other business.
  • Mitigate in your information technology security risk management the existing internal and external threats, such as unauthorised access to critical financial data, service interruptions, impersonating clients and theft or alteration of information (para. 9).
  • Have a proper plan in place to respond to an adverse event that exploits a vulnerability in your information technology systems (para. 16).
  • Submit to the Central Bank of Solomon Islands a copy of your IT security risks, including your risk profiles, exposure analysis and incident analysis (para. 19).

These lines are LexLint's reading of the law's text.

Who enforces it

Enforcement body

The Central Bank of Solomon Islands, which shall pursue the corrective measures provided in section 16 of the Financial Institutions Act 1998 (as amended) to enforce the guideline.

Settledness

As of
Open questions
What amount of monetary penalty may the Central Bank of Solomon Islands impose on a financial institution for a breach of this guideline?

What this law does

Drafted with AI

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Research summary

Legal information, not legal advice. This is LexLint's own research summary of a public legal source, and it creates no attorney-client relationship. For decisions that matter, consult qualified counsel in the relevant jurisdiction. About LexLint

Prudential Guideline No. 13 on Information Technology Security Risk Management applies to financial institutions licensed and deemed licensed by the Central Bank of Solomon Islands. A financial institution must mitigate in its information technology security risk management existing internal and external threats such as unauthorised access to critical financial data, service interruptions, impersonating clients and theft or alteration of information.

It must have a proper plan in place to respond to an adverse event, and must submit to the Central Bank a copy of its IT security risks, including risk profiles, exposure analysis and incident analysis. A financial institution that fails to comply is considered in breach and shall be subject to a monetary penalty, and the Central Bank shall pursue the corrective measures in section 16 of the Financial Institutions Act 1998 (as amended). The guideline was issued on and its effective date is .

When LexLint raises it

When your app profile says your app provides financial services.

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