The JFSC “Dear CEO: Cyber Security Reminder to Businesses” industry [2016 – still relevant]

The “Dear CEO: Cyber Security Reminder to Businesses” industry update issued on 22 January 2016 by the Jersey Financial Services Commission (JFSC) highlights the increasing importance of robust cyber-security measures.

Here are the key points from the update:

• The “Dear CEO: Cyber Security Reminder to Businesses” industry update issued on 22 January 2016 by the Jersey Financial Services Commission (JFSC) highlights the increasing importance of robust cyber-security measures.

Here are the key points from the update:

1. Growing Cyber Threats: The JFSC emphasised the rising frequency, sophistication, and impact of cyber-attacks. It noted that most businesses and organisations are potentially vulnerable to such attacks, which can lead to significant financial and reputational damage.
2. JFSC’s Expectations: Registered persons must have appropriate cyber-security measures. This includes understanding and documenting cyber-attack risks and implementing measures to mitigate these risks.
3. Codes of Practice: The update refers to Principle 3 of the Codes of Practice, which requires registered persons to organise and control their affairs effectively and demonstrate adequate risk management systems. This principle is crucial for ensuring that businesses have robust cyber-security arrangements.
4. Resources and Guidance: The JFSC provided a list of resources to help businesses identify and manage cyber-security risks. While the JFSC does not offer specific cyber-security expertise, it expects firms to take appropriate steps to manage their cyber-security arrangements.
5. Contingency Planning: Businesses are encouraged to have contingency plans to maintain service levels and inform relevant parties during a cyber-attack.

This reminder underscores the critical need for businesses to stay vigilant and proactive in their cyber-security efforts to protect their operations and clients.

Source:  

(1) Dear CEO: cyber security reminder to businesses. https://www.jerseyfsc.org/news-and-events/dear-ceo-cyber-security-reminder-to-businesses/.