Penetration tests allow us to demonstrate the client's state of vulnerability to IT threats by simulating cyber attacks against an organisation's IT environment.
MFSA: Guidance on IT related arrangements
Whereas technological arrangements deliver cutting-edge benefits to both financial services firms and their customers, it is also true that these introduce new risks to licence holders, ranging from ICT governance risks to cybersecurity risks and IT outsourcing risks.
The Guidance establishes a number of risk mitigation factors emanating from increased reliance on technological arrangements, that need to be adequately mitigated. This includes the establishment of a comprehensive ICT governance framework. The MFSA Guidance also includes extensive guidance on the outsourcing of IT to third parties.
The Guidance is principled-based and does not favour one type of technology or service model over another, as long as the compliance obligations can be met. The principle-based approach also applies to ICT risk, security governance, and control frameworks. Significantly, the Guidance allows for the principle of proportionality. As a result, mitigating controls and governance arrangements should take into consideration the nature, scale, and complexity of the technology arrangements, the risks arising thereof, as well as the level of dependence on such technology arrangements for the implementation of critical or important functions. All licensed entities are mandated to ensure compliance with the principles.
Mazars in Malta can guide and assist you through the different phases of this journey by working closely with you and your team. Our areas of assistance include the following:
We are offering interested persons a free consultation session (approx. 1 hr) in order to facilitate an understanding of the main principles set out in the Guidance document and how these may be related to your firm.
In order to obtain more information or to book a free consultation session, do not hesitate to contact us.
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