The increasing use of advanced technology, online systems and remote working has increased the threat landscape for cyber-attacks.

This is of particular importance for the financial sector, which is one of the more prominent targets for such attacks.  

The Prudential Authority (‘PA’) and the Financial Sector Conduct Authority (‘FSCA’) (together ‘the Authorities’) have published a draft Joint Standard on Cybersecurity and Cyber Resilience Requirements (‘the draft Joint Standard.’) 

The draft Joint Standard addresses requirements relating to governance, cybersecurity strategy and framework, cybersecurity and cyber resilience fundamentals, cybersecurity hygiene practices, as well as regulatory reporting. 

The draft Joint Standard will apply to, amongst others, market infrastructures licensed under the Financial Markets Act 19 of 2012; managers of collective investment schemes licensed under the Collective Investment Scheme Control Act 45 of 2002; discretionary FSPs and administrative FSPs as contemplated in the Code of Conduct for Administrative and Discretionary FSPS, 2003; pension funds licensed under the Pensions Funds Act 24 of 1956; and an over-the-counter derivative provider as defined in the Financial Markets Act Regulations.  

As part of the consultation process, the Authorities have published the following documents, which can be accessed by clicking on the appropriate hyperlink: 

• the draft Joint Standard – click here;  
• the draft statement of need for, expected impact and intended operation of the draft Joint Standard – click here;  
• the comments template providing for the manner in which comments must be submitted to the Authorities as well as questions, under section C, to ascertain the potential impact of the draft Joint Standard – click here.  

Comments on the draft Joint Standard and accompanying documents must be submitted, using the comments template, via e-mail to PA-Standards@resbank.co.za for the attention of Mrs Kalai Naidoo or Mr Andile Mjadu, on or before 15 February 2022.