International Financial Service Centre (IFSC) recently release guidelines on Cyber Security and Cyber Resilience for its Regulated Entities. As per IFSC, The ability of financial entities to protect their IT systems from being compromised by threat actors—whether through fraudulent financial transactions, breach of sensitive data, or the disruption of critical IT infrastructure—directly impacts the trust placed in the jurisdiction. , cyber security is not just a necessity but a foundational pillar for ensuring the stability, resilience, and credibility of the financial services offered within the GIFT IFSC. These Guidelines on cyber security and cyber resilience intend to lay down International Financial Services Centres Authority (IFSCA)’s broad expectations from its Regulated Entities (“REs”). For the purpose of these Guidelines, REs shall include any entity which is licensed, recognised, registered or authorised by IFSCA. The implementation of these Guidelines shall be undertaken in accordance with the principle of proportionality, after taking into due consideration:

1. the scale and complexity of operations,
2. the nature of the activity the entity is engaged in,
3. its interconnectedness with the financial ecosystem and
4. the corresponding cyber risks the entity is exposed to

The key components of the Guidelines are categorized into:

1. Governance
2. Cyber security and cyber resilience framework
3. Third party risk management
4. Communication & awareness
5. Audit
    

Click the icon to access the guidelines-