Regulatory Alerts2022-01-01
Circular No. 47 - Operational Incidents Related to Information Technology / Information Security
The Palestine Monetary Authority issued Circular No. 47/2022 mandating all Palestinian banks to establish internal information security teams, submit gap assessments and remediation plans by June 30, 2022, and immediately report any cyber incidents, fraud, system failures, unauthorized access, or data breaches to the regulator. Banks must provide detailed written follow-up reports within two days of any incident using the prescribed form, regardless of service downtime duration. These measures aim to mitigate rising cyber risks, ensure banking sector continuity, and align operations with international cybersecurity best practices.
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