Guernsey [GFSC] issues NEW Cyber Security Rules and Guidance [15th February 2021]
16/02/2021
The GFSC has published its Cyber Security Rules and Guidance [1]; these rules ensure
- The Bailiwick's regulatory regime continues to be compliant with international standards and
- Appropriate for the Guernsey market.
The rules are principles-based, allowing for application across the Bailiwick's diverse finance sector.
The Cyber Security Rules come into operation immediately; however,
- Transitional arrangements within the Rules allow firms to implement changes to their internal controls to ensure compliance with the Rules by 9th August 2021.
The Commission would also recommend continued attention to the guidance issued by the National Cyber Security Centre - NCSC.GOV.UK
Copies of the Rules and Consolidated Rules and Guidance - :
- Cyber Security Rules, 2021 https://www.gfsc.gg/sites/default/files/2021-02/Cyber Security Rules 2021.pdf
- Cyber Rules and Consolidated Guidance https://www.gfsc.gg/sites/default/files/2021-02/Cyber Security Rules and Guidance 2021.pdf
The making of the Rules and Guidance follows a period of extensive public consultation. The Commission would like to thank all those who provided comments in response to the consultation. A feedback statement is on the Commission's website at the following link:
- Cyber Rules Consultation Paper Feedback https://www.gfsc.gg/sites/default/files/2021-02/Cyber Rules Consultation Paper Feedback.pdf
The Commission is today publishing Cyber Security Rules and Guidance under The Protection of Investors (Bailiwick of Guernsey) Law, 1987; The Banking Supervision (Bailiwick of Guernsey) Law, 1994; The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc. (Bailiwick of Guernsey) Law, 2000; The Insurance Business (Bailiwick of Guernsey) Law, 2002 and The Insurance Managers and Insurance Intermediaries (Bailiwick of Guernsey) Law, 2002 which will ensure that the Bailiwick's regulatory regime continues to be compliant with international standards and appropriate for the Guernsey market.
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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.