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

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.