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On April 1, 2019, the Order of the President of the National Bank of Georgia on the approval of the Cyber Security Management Framework of Commercial Banks will enter into force. The new regulations oblige all commercial banks operating in Georgia, both local and foreign commercial bank branches, to have a cybersecurity management framework, which should be appropriate to the size and complexity of commercial banks and should be in line with the services provided by a commercial bank. The cybersecurity management framework should be fully integrated into the overall risk management process of a commercial bank.
As of today, banks in Georgia are effectively dealing with the challenges of cybersecurity, but each new regulation creates new spaces, which require full time, human and material resources. With the help of UGT, commercial banks will be able to achieve full compliance in terms of information security, process documentation, implementation of some control mechanisms in a short period of time and ensure even higher access, continuity and security of the organization's services.