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    CBB Amends Requirements for Cyber-Security Incident Reporting

    March 24, 2022

    The Central Bank of Bahrain (CBB) is amending requirements under the operational risk management module (Module OM) of Volumes 1 and 2 of the CBB Rulebook for conventional banks and Islamic banks, respectively.

    These amendments, which relate to requirements on reporting cyber-security incidents, became effective immediately on publication. The updated requirements specify that on occurrence or detection of any cyber-security incident, whether internal or external, that compromises customer information or disrupts critical services that affect operations, conventional and Islamic bank licensees must contact CBB immediately (within one hour) and submit Section A of the Cyber Security Incident Report (Appendix OM-1) to CBB within two hours. Following the submission of Section A of the Report, the licensee must submit to CBB Section B of the Cyber Security Incident Report (Appendix OM-1) within 10 calendar days of the occurrence of the cyber security incident. Licensees must include all relevant details in the report, including the full root cause analysis of the cyber security incident, its impact on the business operations and customers, and all measures taken by the licensee to stop the attack, mitigate its impact, and ensure that similar events do not recur. In addition, a weekly progress update must be submitted to CBB until the incident is fully resolved.

     

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    Keywords: Middle East and Africa, Bahrain, Banking, Basel, Regtech, Cyber Security, Incident Reporting, Cyber Risk, CBB Rulebook, Islamic Banking, Operational Risk, Module OM, CBB

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