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Creation of robust cyber-security framework

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Bank of Zambia Strategic Plan 2020-2023

The Bank of Zambia Strategic Plan is the sixth in the series. It spans the period 2020-2023 and builds on the gains made from implementation of previous Plans, in particular the 2016-2019 Strategic Plan.

The Bank of Zambia (the Bank) has incorporated some of the incomplete activities from the immediate past Strategic Plan into the 2020-2023 Strategic Plan, while the rest of such activities will be pursued through annual operational plans.

For the 2020-2023 Strategic Plan, the Bank made a conscious decision to concentrate on two focus areas, namely, Financial Stability and Financial Inclusion. This stemmed from the observation that while the Bank has made significant progress in building a firm basis for price stability, a lot more work is needed to build a similarly strong foundation for its financial system stability objective.

Accordingly, in the area of financial stability, the Bank will focus on strengthening both micro and macro prudential supervision.

To this end, micro prudential supervision frameworks will be reviewed to improve the rigor of stress testing; introduce proportionality in the supervision of Financial Service Providers (FSPs); enhance the resilience of financial market infrastructures; and implement a robust cyber-security framework for FSPs. Measures will also be taken to improve efficiency by implementing appropriate supervisory technologies.

Further, efforts to implement a customized version of the Basel III standards will continue and culminate in fit for purpose regulations to enhance stability and resilience of FSPs.

1. Identify and describe the approach for strategic planning that Bank of Zambia employed in order to come up with their strategic plan.

2. Suggest a classification for the project Bank of Zambia intends to implement through creation of a robust cyber-security framework for FSPs. Justify your classification.

Reference no: EM133282396

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