Regulatory Alerts2023-06-27
Isle of Man Financial Services Authority Regulatory Guidance on Cyber Security
The Isle of Man Financial Services Authority issued this regulatory guidance to help regulated entities understand expectations and comply with existing legal provisions regarding cyber security. The document outlines common cyber attack types, such as phishing and ransomware, and details key requirements under the Financial Services Act 2008 and Insurance Act 2008 for establishing effective governance, risk management, and internal controls. It further emphasizes the necessity of proactive monitoring, staff training, and prompt notification of significant incidents to maintain fitness and propriety standards.
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