Compliance Services for FSC Cybersecurity Regulations

OVERVIEW

Understanding
FSC’s cybersecurity requirements

The Financial Service Commission has mandated that all the Management Companies in Mauritius adhere to information security and cybersecurity requirements. These best practices can assist financial institutions in establishing a fundamental cybersecurity posture, securing their financial data, and being prepared against cyber threats. Discover how SharkStriker helps organizations align their information security measures and cybersecurity posture with the guidelines.

APPLICABILITY

To whom does the FSC’s requirements apply

The FSC’s cybersecurity requirements apply to all the Management Companies in Mauritius. There are over 200 such companies.

BENEFITS

Benefits of being compliant to FSC’s cybersecurity guidelines

Prepares against threats like data breaches and ransomware
Enhances information security
Helps in efficiently managing cyber risks
Prepares against third-party cybersecurity risks

Establishes resilience against modern threats
Reduces the possibility of human error with training
Helps decrease financial/ operational/ reputational costs from breaches
Assists in building a culture that is aware and prepared against cyber threats

REQUIREMENTS

FSC’s cybersecurity requirements

Some of the FSC’s cybersecurity requirements include:

A virtual asset service provider should be able to establish and maintain appropriate systems and controls for managing cybersecurity risks.

Define the roles and responsibilities of senior management in cybersecurity.

Define accountabilities, strategies, and frameworks that are to be implemented by the company.

Ensure security of sensitive information assets through appropriate measures for information security and management of controls

Take measures to ensure awareness of cybersecurity across all levels of the organization.

Review their cybersecurity policies, strategies, and framework periodically.

Submit the result of the effectiveness of their cybersecurity framework to the Commission periodically.

Take steps for incident response planning and set strict roles and responsibilities for incident response planning.

APPROACH

Here is how SharkStriker can help you adhere to FSC ‘s requirements

Comprehensive risk and gap assessment

Through security assessments, we identify vulnerabilities and risks impacting operations, data, and people. We look for gaps in policies, procedures, and protocols.

Development of security policies, procedures, and rules

With a clear picture of gaps, we develop and document the required policies, procedures and rules. We cover essential areas like data security, vulnerability& risk management, and incident response.

Establish mechanisms for managing cybersecurity risks and contingency planning

We establish a structured mechanism to identify and address cyber risks, vulnerabilities, and threats, with insights to understand the impact of threats on business. We prepare a contingency plan for attacks, ensuring levels for all the clients. The plan contains a clear set of procedures with roles and responsibilities.

Awareness and training

Through gamified programs, easy-to-understand materials, and resources, we help prepare workforce against threats.

Compliance monitoring

We perform weekly, monthly, and annual compliance and risk assessments, assisting the organization to prevent non-compliance and stay up to date with the FSC regulations.

BEST PRACTICES

FSC guidelines best practices that we help implement

Assessing vulnerabilities using real-world techniques most commonly used by attackers, including sophisticated AI-based techniques
Helping organizations establish a mechanism for informing the affected people and swift reporting of cyber incidents to law enforcement and other relevant parties
Preparation of detailed reports that offer clear context on the risk exposure and health of cybersecurity posture
Performing annual risk assessments
Establishing a systematic technology risk and cyber security training program for all levels