Guidelines on technology launched for public consultation – MFSA

The Malta Financial Services Authority (MFSA) has issued guidelines regarding technology for public consultation. The public consultation is open till 28th August.

The MFSA’s Chief of Supervision, Christopher Buttigieg, stated that the MFSA’s objective in issuing these guidelines is to ensure that all licensed entities place ICT and Cybersecurity risk at the top of their strategic agendas.

In a statement, the Authority explained that these guidelines set out its expectations regarding Technology Arrangements, ICT and Security Risk Management, as well as Outsourcing. These guidelines view technology as a critical component for the success of financial services, as well as a way to enable further innovation. Furthermore, technology is regarded as a major component for operational efficiency. The guidelines highlight the importance of resilience and regulatory compliance.

These guidelines draw from several sources, primarily the European Supervisory Authorities’ (ESA) Guidelines, International Standards and established Frameworks applicable to the use of technology within the financial services industry.

Interested parties are invited to send their feedback, ask questions and make any suggestions concerning the guidelines to sirc@mfsa.mt.