In May 2024, The Financial Sector Conduct Authority (FSCA) and the Prudential Authority (PA) published the Joint Standard: Cybersecurity and Cyber Resilience Requirements for Financial Institutions (Joint Standard).

The Joint Standard sets out the minimum standards for financial institutions to implement best practices and processes to identify and guard against risks relating to cybersecurity and cyber resilience.

This Joint Standard is made under section 107 read with sections 105, 106 and 108 of the Financial Sector Regulation Act, 2017 (Act No. 9 of 2017).

The Joint Standard is envisaged to commence on 1 June 2025. However, the FSCA and PA envisages that the Joint Standard will likely take effect after 12 months.