MFSA Issues Consultation Document On The Guidance On Technology Arrangements, ICT And Security Risk Management, And Outsourcing Arrangements

The Malta Financial Services Authority (“MFSA”) has today issued a consultation document entitled “Guidance on Technology Arrangements, ICT and Security Risk Management, and Outsourcing Arrangements.”

The MFSA is proposing to issue principle-based cross-sectoral guidelines in the areas of Technology Arrangements, ICT and Security Risk Management, and Outsourcing Arrangements and establish its regulatory expectations with respect to these areas. The Guidance Document is concerned with the following matters:

• High Level Principles: the guidance document is based on four high level principles which are proportionality, principles-based consistency of outcomes, information assurance (IA) in technology arrangements and approach to cloud computing.