Regulatory Alerts2021-01-01
Circular No. 55: IT and Information Security Operational Incidents
The Palestine Monetary Authority issued Circular No. 55/2022 mandating all payment service companies operating in Palestine to establish internal information security teams and submit gap reports with remediation plans by June 30, 2022. The directive requires immediate notification of any cyber incidents, fraud, system failures, unauthorized access, or data breaches affecting company or third-party systems, followed by detailed written reports within two days. Companies must also implement interim mitigation measures, conduct root cause analyses, and outline long-term corrective actions to ensure operational continuity and regulatory compliance.
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