Solomon IslandsCentral Bank of Solomon Islands Prudential Guideline No. 20 on Cybersecurity, Incident Notification to the Central Bank
Prudential Guideline No. 20, paras. 111 and 112 (Central Bank of Solomon Islands)
In force since .
A vulnerability and incident reporting rule binding private bodies.
- Instrument type
- a regulation made under an act
- Obligation class
- Reporting
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.
- Notify the Central Bank of Solomon Islands as soon as possible, and not later than sixty minutes, after becoming aware of an information security incident that materially affects or has the potential to materially affect, financially or non-financially, your institution or the interests of depositors (para. 112).
- Report all cybersecurity incidents to the Central Bank quarterly, in the format the standard prescribes as Appendix I (para. 111(a)).
These lines are LexLint's reading of the law's text.
Who enforces it
Enforcement body
The Central Bank of Solomon Islands, which may pursue the corrective measures provided in section 16 of the Financial Institutions Act 1998 (as amended) to enforce the standard.
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 standard?
What this law does
Under paragraph 112 of Prudential Guideline No. 20 on Cybersecurity, a financial institution licensed or deemed licensed by the Central Bank of Solomon Islands must notify the Central Bank as soon as possible but not later than sixty minutes after becoming aware of an information security incident that materially affects or has the potential to materially affect, financially or non-financially, the institution or the interests of depositors.
Paragraph 111 also requires quarterly reporting on all cybersecurity incidents in the format prescribed in Appendix I. A financial institution that fails to comply is considered in breach and may be subject to a monetary penalty, and the Central Bank may pursue the corrective measures in section 16 of the Financial Institutions Act 1998 (as amended). The standard's effective date is .
When LexLint raises it
When your app profile says your app provides financial services.
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