The Joint Standard calls for a strategic shift towards a more proactive and integrated cyber security approach.
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.
What is the Joint Standard?
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:
- Cyber risk governance and management framework: Identify, assess and mitigate cyber risks.
- Cyber threat intelligence management: Collection, curation and exploitation of CTI…
