
Circular No. 05 dated 16 March 2023 issued by the Banking Regulation and Policy Department of the Bangladesh Bank on “Guidelines on Cloud Computing”
March 31, 2023Aiming to mitigate cyber risks and maintain the overall stability of the financial sector, the Bangladesh Bank has issued guidelines on cloud computing, which apply to banks, non-banking financial institutions, mobile financial service providers, payment and settlement systems, payment system operators, and other financial service providers.
The guidelines aim to ensure business continuity, resilience, and recovery capabilities. They lay out certain parameters to meet security and data privacy requirements and specify the roles and responsibilities of the relevant stakeholders with regard to organizational security, privacy, and computing requirements.
However, the guidelines do not prescribe or recommend any specific cloud computing service, service arrangement, service agreement, service provider, or deployment model. Service users must perform their own analysis to determine if the arrangement meets their strategic aims and complies with regulatory requirements, while managing any associated risks.
RELATED EXPERIENCES
Related Articles
- Circular No. 07 dated 13 April 2023 issued by the Foreign Exchange Policy Department of the Bangladesh Bank on “Interest Rates on Borrowings from the Export Development Fund (“EDF”)”
- May 3, 2023 - Circular No. 04 dated 13 April 2023 issued by the Foreign Exchange Investment Department of the Bangladesh Bank on “Placement of Funds from Offshore Banking Operations (“OBOs”) with Domestic Banking Units (“DBUs”)”
- May 3, 2023 - Circular No. 11 dated 25 April 2023 issued by the Banking Regulation and Policy Department of the Bangladesh Bank on the “Establishment of the Export Facilitation Pre-finance Fund (“EFPF”)”
- May 3, 2023 - Circular No. 05 dated 19 March 2023 issued by the Foreign Exchange Policy Department of the Bangladesh Bank on “Repayment of Loans obtained from the Export Development Fund (“EDF”)”
- March 31, 2023 - Circular No. 06 dated 2 March 2023 issued by the Banking Regulation and Policy Department of the Bangladesh Bank on “Exemption from the General Credit Limit under Section 26B(1) of the Bank Company Act 1991 for Electricity Producing Companies”
- March 31, 2023