CBK Publishes Cybersecurity Framework for Banking Sector in Kuwait
CBK published the cybersecurity framework for banking sector in Kuwait. The framework defines three core principles that enhance the cybersecurity and resilience capabilities of banking sector: governance, risk management, and compliance; collaboration, and continual improvement. The framework is applicable to all regulated entities supervised by CBK. The framework is issued for the board of directors, senior management, information security professionals, information technology professionals, and others who are responsible for establishing, implementing, and ensuring the compliance of their entity with the framework.
The strategic framework consists of the following integrated initiatives for banking sector in Kuwait:
- The first initiative establishes a mechanism for the Information Security Working Group of the banking sector by defining the methodology, scope, and responsibilities of team members. An emphasis is placed on confidentiality, information and data privacy, and absence of conflicts of interest.
- The second initiative lays down principles for dealing with cyber risks, which include defining governance requirements, risk management, compliance, crisis management, response and recovery, and collaboration and information-sharing. Additionally, it includes continuous improvements and developments in the field of cybersecurity.
- The third initiative sets the baseline requirements of information security controls. This initiative is among the most important stages of the project, as it provides detailed security controls that all regulated entities must comply to. It covers governance, risk management, compliance, securing of infrastructure and operations, and dealing with third-party risks and protecting electronic payment systems. All banks must comply with all baseline control requirements set forth in the initiative, through the completion of inherit risk and cyber risk self-assessment, to prove their readiness to address cybersecurity risks
- The strategic framework also develops a Cyber Crisis Management Strategy and Plan. It introduces a complete framework for managing cyber crisis. Moreover, the Strategy and Plan provides a holistic view of crisis management, including reports, as well as the prescribed response measures. Furthermore, this plan provides a matrix to measure the impact of potential risks.
- Among the initiatives included in the framework is also the development of a mechanism for dealing with, reporting, and sharing of information between banks, in accordance with the highest international standards.
- The framework also introduces the development of a platform for cyber threat intelligence sharing.
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Keywords: Middle East and Africa, Kuwait, Banking, Cyber Risk, Governance, ESG, Cybersecurity Framework, Operational Risk, Third-party Arrangement, Cloud Computing, CBK
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