Regulatory Alerts2024-11-06
Mandatory Phishing Simulation Exercises and Reporting Requirements
The Maldives Monetary Authority mandates all commercial banks to conduct annual phishing simulation exercises and submit a summary of findings by the end of June each year. This report must detail click, conversion, and reporting metrics alongside an action plan to address identified vulnerabilities. Additionally, banks are required to report specific types of phishing attacks, such as spear phishing and business email compromise, via the Cyber Security Event reporting system regardless of system exploitation.
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