Regulatory Alerts2024-06-28
Joint Communication 5 of 2024 – Cybersecurity and Cyber Resilience
The Financial Sector Conduct Authority and the Prudential Authority issued Joint Notice 1 of 2024 to formally set the effective date for their cybersecurity and cyber resilience standards. The notice establishes 1 June 2025 as the commencement date for Joint Standard 2 of 2024, fulfilling the standard’s provision that regulators determine implementation timing via official notice. Financial sector institutions must implement the updated cybersecurity and cyber resilience requirements by this deadline, with all relevant documentation accessible on the regulators’ websites.
1 Financial Sector Regulation Act, 2017 Joint Communication 5 of 2024 Publication of the Joint Notice 1 of 2024 – Cybersecurity and cyber resilience
- PURPOSE This Communication informs stakeholders that the Financial Sector Conduct Authority and the Prudential Authority (the Authorities) have published Joint Notice 1 of 2024: Determination of the Effective Date of the Joint Standard 2 of 2024 - Cybersecurity and cyber resilience (Joint Notice).
- SUMMARY 2.1 On 17 May 2024, the Authorities published the Joint Standard 2 of 2024 - Cybersecurity and cyber resilience (Joint Standard). 2.2 Paragraph 10.2 of Joint Standard provides that the Joint Standard commences at a date to be determined by the Authorities through a notice published on the websites of the Authorities. 2.3 The Joint Notice determines the effective date of the Joint Standard as 1 June 2025.
- ENQUIRIES 3.1 The documents referred to in paragraph 1 are available on the Authorities’ websites at www.fsca.co.za. or www.resbank.co.za. FINANCIAL SECTOR CONDUCT AUTHORITY DATE: 24 June 2024 PRUDENTIAL AUTHORITY DATE: 26 June 2024
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