Regulatory Alerts2022-01-01
Circular No. 55: Operational Incidents Related to Information Technology and Information Security
The Palestine Monetary Authority issued Circular No. 55/2022 mandating all payment service companies operating in Palestine to establish an internal team to assess information security gaps and submit a remediation plan by June 30, 2022. The directive requires immediate notification of any cyber incidents, fraud, system failures, unauthorized access, or data breaches affecting company systems or third-party contractors, followed by a detailed written report within two days. Companies must also allocate necessary budgets for implementation and adhere to best practices to mitigate cyber risks and ensure operational continuity.
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