Regulatory Alerts2020-11-09
Guidance on Governance Principles and Practices to Mitigate Cyber Threats and Crime
The FSRA has issued eight governance principles requiring regulated financial firms to implement risk-based cybersecurity frameworks that protect information assets and mitigate cybercrime. Firms must establish board-level oversight, conduct annual cyber risk assessments, manage third-party vendor risks, and deploy tailored protective controls and detection systems commensurate with their operational complexity. These guidelines mandate comprehensive incident response planning, continuous employee training, and proactive collaboration to ensure timely preparation, effective containment, and resilient recovery from digital threats.
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