Our source revealed that the administration has circulated guidelines to the general managers of private and public banks, as well as electronic payment providers, regarding the evidence of data security and cyber security governance within banks and private financial institutions under the Central Bank’s supervision.
The administration clarified that the governance work strategy, which covers the first six months of the current year 2023, is an initial phase aimed at raising awareness about the instructions, as well as preparing and equipping the IT infrastructure.
Furthermore, the governance work strategy for the second phase of the first six months of the upcoming year 2024 includes the evaluation and implementation of instructions related to cyber security governance and its implications.
The Banking and Monetary Control Administration affirmed that it will closely monitor the matter of governance and its compliance through inspection tasks to ensure your institutions’ adherence.