Tag: Prudential Authority (PA)

ZAR 475 million, ZAR 210 million, and ZAR 59 million are not lottery jackpots. Instead, these represent the significant administrative penalties imposed recently. During 2024, the Financial Sector Conduct Authority (FSCA) and Prudential Authority (PA)(together, the Regulators) imposed these penalties on various entities.

The Financial Sector Regulation (FSCA) and the Prudential Authority (PA) published Joint Standard 2 of 2024 on Cybersecurity and Cyber Resilience Requirements on 17 May 2024. The Joint Standard 2 of 2024 (Joint Standard) applies to all financial institutions as defined in the Joint Standard. It sets out the requirements for sound practices and processes relating to cybersecurity and cyber resilience for financial institutions.