LexLint.ioBeta

Know the law your code answers to.

Law / Solomon Islands

Central Bank of Solomon Islands Prudential Guideline No. 20 on Cybersecurity, Cybersecurity Risk Management Framework

Prudential Guideline No. 20, paras. 7 to 110 (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.
  • Have a cybersecurity risk management framework, which should be an integral part of your enterprise risk management framework; the framework must be documented, approved by your board and reviewed regularly (paras. 7 and 8).
  • Have a designated cybersecurity risk management function headed by a Chief Information Security Officer or an equivalent senior officer (para. 9).
  • Obtain information about technical vulnerabilities of your information systems in a timely fashion (para. 79), and test and evaluate security updates before installing them on critical systems (para. 83).
  • Have a cybersecurity incident management process governed by documented policy and procedures (para. 105).

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

Drafted with AI

Drafted with AI from the cited sources under the direction of UnGovr staff. UnGovr holds editorial responsibility for this page. How this site is made

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. 20 on Cybersecurity, which describes itself as a Prudential Standard, applies to financial institutions licensed and deemed licensed by the Central Bank of Solomon Islands under the Financial Institutions Act 1998 (as amended) or any other relevant laws, and is issued under section 28(1) of the Central Bank of Solomon Islands Act 2012.

A financial institution must have a framework for cybersecurity risk management, which should be an integral part of its enterprise risk management framework, and the framework must be documented, approved by the board and reviewed regularly. It must have a designated cybersecurity risk management function headed by a Chief Information Security Officer or an equivalent senior officer.

It must obtain information about technical vulnerabilities of its information systems in a timely fashion and must test and evaluate security updates before installing them on critical systems. 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.

Back to the example  ·  Lint your app

Page updated .