Technical Assistance Reports

Georgia: Technical Assistance Report-Cyber Risk: Regulation, Supervision and Testing

December 23, 2024

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Format: Chicago

International Monetary Fund. Monetary and Capital Markets Department "Georgia: Technical Assistance Report-Cyber Risk: Regulation, Supervision and Testing", Technical Assistance Reports 2024, 107 (2024), accessed January 12, 2025, https://doi.org/10.5089/9798400296154.019

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Summary

The technical mission aimed to strengthen the cyber risk regulation and supervision, and testing for the National Bank of Georgia (NBG). The mission focused on (i) an assessment of NBG’s cyber risk regulation, (ii) an assessment of cyber risk supervisory arrangements of NBG, (iii) assisting in the development of a cyber testing framework, and (iv) assisting in the development of a methodology for cyber exercising and stress testing. The mission found that cyber risk regulations including incident reporting requirements are in place, but gaps remain. Cyber risk supervision practices need improvements and more focus on supervisory priorities. Information sharing practices within the financial sector require strengthening. Cyber testing and exercises are an area where significant improvements are needed. Overall, the mission found that the NBG would benefit with an overarching cyber strategy for its financial sector.

Subject: Auditing, Commercial banks, Cyber risk, Economic sectors, Financial institutions, Financial regulation and supervision, Financial Sector, Operational risk, Public financial management (PFM), Technology

Keywords: Auditing, Central Bank., Commercial banks, Cyber risk, Cyber risk regulation, Cyber testing, Cybersecurity risk management regulation, Cybersecurity strategy, Cybersecurity supervision, Financial sector, Georgia, Global, Incident reporting, Information security Act, Information sharing, Offsite supervision activity, Operational risk, Request of the National Bank of Georgia

Publication Details

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