The pending Joint Standard on Cybersecurity and Cyber Resilience Requirements, released by the Financial Sector Conduct Authority (FSCA) and the South African Reserve Bank (SARB), is expected to commence on 1 June next year, leaving organisations limited time to become fully compliant.
To help them prepare, Arctic Wolf has released a comprehensive guide to cyber security and cyber resilience measures that align with the new Joint Standard.
Jason Oehley, regional sales manager at Arctic Wolf Networks, says the new standards require financial institutions to implement comprehensive cyber security frameworks, policies and governance practices to secure their operations.
He says: “South Africa’s financial sector is one of the country’s most targeted industries. The Joint Standard is designed to mitigate the risks posed by cyber threats, protecting both the institutions themselves and the broader financial system from disruptive cyber events. It applies to organisations such as banks, mutual banks, insurers, retirement funds and fund administrators, and collective investment scheme managers.”
The Arctic Wolf guide summarises the roles and responsibilities, governance measures, required cyber security and cyber resilience strategies and frameworks, and cyber hygiene practices organisations should align with.
It also highlights Arctic Wolf solutions to help financial institutions meet the many obligations of the Joint Standard.
Oehley says: “The Arctic Wolf Concierge Security Team (CST) also works with financial institutions on an ongoing basis to ensure their security posture is continually improving and getting stronger over time. The CST becomes an extension of the in-house security team, helping them reduce cyber risk, eliminate blind spots and adhere to the requirements of frameworks like the Joint Standard on Cybersecurity and Cyber Resilience Requirements.”
To download the Arctic Wolf guide, go to FSCA report.
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