Cybersecurity Guidelines for FSTI Providers
Risk Management 04
Risk management is a multifaceted process that involves identifying, assessing, and mitigating cybersecurity risks to protect sensitive information/data and maintain the integrity of financial transactions. This process is crucial in ensuring the security and stability of FSTI Providers.
4.1. Risk Assessment
This assessment is necessary to identify potential cybersecurity threats and vulnerabilities that are specific to FSTI Providers’ operations.
The first step in managing cybersecurity risks is to conduct a risk assessment. This process involves identifying potential vulnerabilities that could compromise the confidentiality, integrity, and availability of financial data. FSTI Providers can use various techniques, such as vulnerability assessment, penetration testing, and risk modelling, to identify and prioritise risks based on their likelihood and potential impact.
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