MFSA publishes latest insights on ICT and cybersecurity supervision

The latest volume of the Malta Financial Services Authority (MFSA)’s publication, “The Nature and Art of Supervision”, offers a detailed and updated account of the work carried out by the Authority’s Supervisory ICT Risk and Cybersecurity (SIRC) Function.

Published on Tuesday (today), this edition provides an in-depth look at how the MFSA is adapting to key regulatory developments, such as the Digital Operational Resilience Act (DORA) and highlights its ongoing commitment to enhancing digital operational resilience and cyber-maturity within Malta’s financial sector.

The publication elaborates on several supervisory efforts made by the SIRC Function, highlighting the function’s common findings related to ICT and Cybersecurity.

The SIRC function was established with the aim of carrying out ICT and cyber-related supervision and, to contribute towards digital operational resilience within the financial services sector. It is committed to an outcome-based supervisory approach, using various tools to ensure Authorised Persons’ progress against key supervisory priorities, including DORA preparedness, strong risk management and compliance functions, effective incident management processes, and satisfactory status of ICT third-party providers.

Alan Decelis, Head of the SIRC Function said that “the Authority remains committed to emerging supervisory areas and priorities, such as ICT and digital operational resilience. The publication provides exclusive insights into the Authority’s approach to ICT and Cybersecurity supervision within the context of outcome-based supervision throughout the supervisory lifecycle of Authorised Persons … I am indeed very proud of how the SIRC Function has evolved since its establishment in early 2020. We have made significant progress in key areas and have contributed substantially to national digital operational resilience in the sector.”

As the MFSA continues to streamline its processes and bolster the sector’s resilience, this publication serves as a crucial resource for all those involved in Malta’s financial services landscape.