Law / 
Saint Vincent and the Grenadines
Saint Vincent and the Grenadines Eastern Caribbean Central Bank Technology Risk Management Standard, Cyber-Risk Governance
Technology Risk Standard cyber governance, Prudential Standard on Technology Risk Management, paras. 5.2.4 and Board and Senior Management roles
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, 2015 of Saint Vincent and the Grenadines: the Prudential Standard on Technology Risk Management says it should be applied by all regulated licensed financial institutions, Financial Groups and Conglomerates unless IT is not a significant function or equally effective alternative measures have been taken, and it came into effect on (reached by declaring that you are a bank).
- Have your Board keep ultimate responsibility for effective oversight of all IT and cybersecurity risks, systems and processes, and approve the technology policies, standards and procedures that govern the management of technology risks and safeguard information system assets (Information Technology Governance and Board roles).
- Have Senior Management implement the Board-approved cyber security strategies, policies and framework, which the standard lists among Senior Management's responsibilities (Senior Management roles, item a).
- If you rely heavily on IT systems for daily operations, you should establish a cybersecurity policy based on your risk assessment that mitigates the identified cyber risk threats in line with your risk appetite (paragraph 5.2.4).
- Explain any deviation from the standard in a separate document and make it promptly available to the ECCB on request (Scope of Application, item c).
These lines are LexLint's reading of the law's text, as of .
Who enforces it
Enforcement body
The Eastern Caribbean Central Bank, which issues the standard under section 184 of the Banking Act.
Settledness
- As of
- Open questions
- Which of the paragraphs of the standard worded as 'should' does the Central Bank treat as a breach of a prudential standard?
- Is the remedial-action power in the Banking Act of Saint Vincent and the Grenadines worded as in the Banking Acts of Dominica and Saint Kitts and Nevis, so that a violation of this standard is sanctionable there?
What this law does
The Eastern Caribbean Central Bank issued the Prudential Standard on Technology Risk Management in exercise of the powers conferred on it by section 184 of the Banking Act, 2015. The standard comes into effect on . The standard says it should be applied by all regulated licensed financial institutions, Financial Groups and Conglomerates, unless IT is not a significant function or alternative measures of equal effect have been taken.
The standard says the Board of an institution is ultimately responsible for effective oversight of all IT and cybersecurity risks, systems and processes. The standard says that any deviation from it must be explained in a separate document, to be made promptly available to the ECCB on request. The standard says an institution that relies heavily on its IT systems for daily operations should establish a cybersecurity policy based on its risk assessment.
When LexLint raises it
When your app profile says your app is a bank.