Regulatory Alerts2024-05-17
Joint Communication 2 of 2024 – Cybersecurity and Cyber Resilience
The Financial Sector Conduct Authority and Prudential Authority have issued Joint Standard 2 of 2024, which mandates comprehensive cybersecurity and cyber resilience practices for specified financial institutions. Following a statutory public consultation process under the Financial Sector Regulation Act, 2017, the final standard establishes required operational processes and risk management frameworks to mitigate digital threats. Although scheduled to commence on 1 June 2025, regulators are urging immediate industry preparation and will formally determine the exact effective date shortly.
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