About Supervisory ICT Risk and Cybersecurity
As the Financial Services industry experiences a widespread increase in the use of, and reliance on Information and Communications Technology (ICT), and as ICT including emerging technologies, is enabling innovation within the industry including the introduction of new sectors altogether, the relevance of ICT Risk and Cybersecurity continues to persist.
The Supervisory ICT Risk and Cybersecurity Function forms part of the MFSA's Supervision Directorate, it is cross-sectoral, and has been established to focus on one of the Authority's outlined key strategic priorities – Cybersecurity and Resilience. As a supervisory function, its portfolio of activities include effective supervision, which aims to ensure that regulated firms within the industry, are effectively managing their ICT risks, and have a resilient cybersecurity framework in place, in line with Acts, Regulations, rules and sector-specific guidelines. The function participates and contributes in various Working Groups, Task Forces and Committees at local and international levels, and develops policies and guidelines for the industry.
The Supervisory ICT Risk and Cybersecurity Function provides expert advice on ICT and Cybersecurity matters to other functions within the MFSA as required. It is also a contributor on emerging strategies especially those that are technology focused. The function is also the contact point for cyber incident reporting by regulated firms.