Cyber security guidelines for financial institutions. Time is ticking to get compliant; will you be ready?

The Joint Standard calls for a strategic shift towards a more proactive and integrated cyber security approach.

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The Financial Sector Conduct Authority (FSCA) and the South African Reserve Bank (SARB) have released the Joint Standard on Cybersecurity and Cyber Resilience Requirements, mandating financial institutions to achieve compliance by 1 June 2025. Non-compliance could result in regulatory fines and reputational damage. The standard outlines best practices for financial institutions to ensure robust cyber security and resilience against evolving threats.

The Joint Standard is a comprehensive set of requirements designed to enhance the cyber security frameworks of financial institutions. It emphasises proactive risk management, continuous monitoring and rapid response mechanisms. Integrating international best practices and local regulatory requirements, the standard ensures South African financial institutions are well-equipped to handle cyber security challenges.

Key highlights:

1. Cyber risk governance and management framework: Identify, assess and mitigate cyber risks.
2. Cyber threat intelligence management: Collection, curation and exploitation of CTI to enable resilience across the organisation's strategic, operational and tactical layers.
3. Breach readiness: Implementation of required foundational elements for effective threat detection and response.
4. Employee training and awareness: Enhance employee readiness against cyber threats.
5. Controls assurance: Performance of exercises to validate the effectiveness of controls.

Impact on chief information officers (CIOs):

For information security offices in the financial sector, the Joint Standard calls for a strategic shift towards a more proactive and integrated cyber security approach. Prioritising these guidelines is essential to protect institutions from potential cyber threats and ensure regulatory compliance.

"If the road ahead feels intimidating, don't feel discouraged. We are here to help. Leverage off our experienced pack that has successfully rolled out more than 650 strategic projects across the African continent. Wolfpack is a trusted cyber security partner for organisations of all sizes and key sectors, ensuring compliance and robust cyber security outcomes," stated Craig Rosewarne, MD of Wolfpack.

Don't delay; secure your organisation today. Register for the Wolfpack and Arctic Wolf webinar on 25 July 2024 at 9am to learn how to master and reach compliance.

For more information and assistance on complying with the Joint Standard, financial institutions can contact our expert team for tailored guidance and support at contact: sales@wolfpackrisk.com.To access our resources, visit www.wolfpackrisk.com.