Regulatory Alerts2023-12-07
FSCA Communication 34 of 2023 – Cybersecurity and Cyber Resilience Requirements for Financial Institutions
The Financial Sector Conduct Authority (FSCA) submitted a draft Joint Standard to Parliament establishing mandatory cybersecurity and cyber resilience principles for financial institutions. The framework requires regulated entities to implement fundamental data protection practices, conduct systematic security control testing, maintain threat preparedness capabilities, and promptly notify authorities of material cyber incidents. Submitted under the Financial Sector Regulation Act on 30 November 2023, these requirements aim to preserve the confidentiality, integrity, and availability of financial sector IT systems.
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