In order to effectively mitigate cyber risks, the Malta Financial Services Authority (MFSA) has finalised its guidance notes on cybersecurity as a minimum set of best practices and risk management procedures to be followed, according to an MFSA press release.
The MFSA says that respondents received the proposed guidance notes on cybersecurity well, and they tagged the document as a “very thorough” that gives a clear overview of all cybersecurity practices.
Moreover, proactive monitoring ought to be more emphasised as it represents the pivotal element required to ensure that systems and networks are safeguarded in real-time, through intrusion detection measures that prompt alerts of any cyber threats, as the press release says.
In addition, respondents emphasised that a Data Loss Prevention framework would be beneficial in tracking any movement of confidential data through and out of the organisation, in order to detect and flag any unauthorised disclosure of such data.
It was also underscored how the effectiveness of a privileged access management policy could work against critical lockout scenarios, according to the press statement.