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Deadline approaches for retirement funds to meet cybersecurity standards
May 20, 2025
|Cape Argus
SOUTH African financial institutions, including retirement funds, are racing against time to comply with Joint Standard 2 of 2024: Cybersecurity and Cyber Resilience before the deadline of June 1, 2025.
This regulatory framework, published in May 2024 by the Financial Sector Conduct Authority (FSCA) and the Prudential Authority, aims to establish robust cybersecurity protocols across the financial sector.
Vanessa Jacklin-Levin, partner at Bowmans, clarifies the scope of the regulation: “The Joint Standard applies to ‘financial institutions’ as defined in the Joint Standard, such as retirement funds registered under the Pension Funds Act 1956 (PFA).” She says the regulation is designed to enforce a standardised approach to cybersecurity risk management, setting clear minimum requirements and principles for financial institutions to adopt.
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