Law / 
Saint Vincent and the Grenadines
Saint Vincent and the Grenadines Eastern Caribbean Central Bank Technology Risk Management Standard, Cyber-Incident Reporting
In force since .
A vulnerability and incident reporting rule binding private bodies.
- Instrument type
- a regulation made under an act
- Obligation class
- Reporting
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).
- Within 24 hours of becoming aware of a cyber-incident, alert the ECCB and the Information Security User Group of licensed financial institutions that a cyber-incident occurred (paragraph 12.8.1).
- Complete the incident report in Appendix I of the standard and submit it to the ECCB within 48 hours of the incident; the standard states this as 'should' (paragraph 12.8.1 and Appendix I).
- Notify directly the customers whose accounts were potentially or actually compromised within seventy-two hours of the discovery of the incident (Senior Management roles, item g).
- Provide updates on the incident to the ECCB at the frequency the ECCB determines, until the ECCB deems the incident resolved, and after resolution conduct a post-incident review and submit it to the ECCB (paragraphs 12.8.4 and 12.8.5).
- Notify the general public about a cybersecurity incident only after notifying the ECCB (Senior Management roles, item f).
- Develop and implement a cybersecurity incident response plan that details the steps to be taken in the event of a security breach (Senior Management roles, item e).
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
- Are the 24-hour alert to the ECCB and the 48-hour Appendix I report one notification or two?
- 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. Paragraph 12.8.1 of the standard provides that within 24 hours of becoming aware of a cyber-incident, an institution shall alert the ECCB and its Information Security User Group that a cyber-incident occurred.
Paragraph 12.8.1 of the standard also says the compromised institution should complete the incident report in Appendix I and submit it to the ECCB within 48 hours of the incident. The standard lists among the responsibilities of Senior Management notifying directly the customers whose accounts were potentially or actually compromised within seventy-two hours of the discovery of the incident.
The standard lists among the responsibilities of Senior Management notifying the general public about a cybersecurity incident only after notifying the ECCB. Paragraph 12.8.4 of the standard provides that an institution shall provide an update on the incident to the ECCB at a frequency determined by the ECCB. Paragraph 12.8.5 of the standard provides that following the resolution of the cyber-incident an institution shall conduct a post-incident review and submit it to the ECCB.
When LexLint raises it
When your app profile says your app is a bank.