The MFSA introduced a consultation exercise on cybersecurity threats. The Authority has launched a consultation on a set of Guidance Notes on Cybersecurity, which will be applicable to companies such as Professional Investor Funds investing in Virtual Currencies, VFA Agents, Issuers and VFA Service Providers.
These Guidance Notes reflect the Authority’s approach towards effective management of risks and the understanding of risk factors linked to an entity’s operation in the financial services landscape. Indeed, the newly launched MFSA Vision 2021, identifies the application of a risk based supervisory approach as one of the key pillars of this strategy.
The MFSA said it has determined the need to ensure that the industry implements the necessary cybersecurity solutions and thus mitigate cyber threats, addressing the need for market integrity and consumer protection.
The Authority’s proposals build on a number of initiatives taken at international level focused on establishing regulatory frameworks governing the cybersecurity requirements of various actors across the financial industry, including guidelines by the European Banking Authority.
The consultation is available to the public until 8 March.