Regulatory Alerts2021-12-15
Joint Communication 6 of 2021: Draft Joint Standard on Cybersecurity and Cyber Resilience Requirements
The Financial Sector Conduct Authority and the Prudential Authority have published a draft Joint Standard establishing minimum cybersecurity and cyber resilience requirements for specified financial institutions, including banks, insurers, pension funds, and market infrastructures. The standard mandates these entities to implement robust processes, tools, and technologies that enable them to prepare for, respond to, and recover from cyber-attacks. Industry stakeholders must submit impact assessments using the provided template by 15 February 2022, after which the Authorities will finalize and publish the revised standard for a subsequent six-week consultation.
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