To support our members in meeting the new Joint Standard – Cybersecurity and Cyber Resilience, the FIA has launched MemberShield – an exclusive, enterprise-grade cybersecurity solution tailored for Financial Services Providers. Developed in partnership with First Consulting Alliance, MemberShield offers three flexible plans to suit FSPs of all sizes, helping you stay compliant, secure, and resilient against evolving cyber threats. From essential protections to advanced threat defence and incident response, MemberShield ensures your business is equipped with the tools and support it needs.
Members are reminded that the new Joint Standard comes into effect on 1 June 2025.
As previously communicated, the joint standard outlines the requirements relating to:
- Roles and responsibilities of a financial institution’s governing body;
- Governance;
- Cybersecurity strategy and framework;
- Cybersecurity and cyber resilience fundamental concepts;
- Cybersecurity hygiene practices; and
- Notifications and regulatory reporting.
The Joint Standard applies to the following financial institutions:
- A bank, a branch, a branch of a bank and a controlling company as defined in Banks Act;
- A mutual bank as defined in the Mutual Banks Act;
- An insurer and a controlling company as defined in the Insurance Act;
- A manager as defined in the Collective Investment Scheme Control Act;
- A market infrastructure as defined in the Financial Markets Act;
- A discretionary financial services provider (FSP) as defined in Chapter II of the Notice on Codes of Conduct for Administrative and Discretionary FSPs;
- A Category I FSP as contemplated in the Determination of Fit and Proper Requirements for FSPs that provides investment fund administration services;
- An administrative FSP as defined in the Notice on Codes of Conduct for Administrative and Discretionary FSPs;
- A pension fund registered under the Pension Funds Act;
- An Over-the-Counter (OTC) derivative provider as defined in the Financial Markets Act Regulations;
- An administrator approved in terms of the Pension Funds Act; and
- A registered credit rating agency as defined in the Credit Rating Act.
The minimum requirements in the Joint Standard must be implemented in proportion to the nature, size, complexity and risk profile of a financial institution.
While the standard is not directly applicable to Category I FSPs not referenced above, insurers may require their binder holders and those with whom they have outsourcing arrangements, to ensure that they meet the requirements of the standard.
MemberShield is designed to help members achieve compliance with the Joint Standard coming into effect on 1 June.
Learn more by booking a private consultation, or email us at membershield@fia.org.za
