Cybersecurity Guidelines for FSTI Providers
Incident Response 05
Having a robust incident response strategy is key to organizing the Technological Innovation in the Financial Sector (FSTI) to deal with cybersecurity challenges. The plan should include effective steps for promptly detecting, evaluating, and handling cyber incidents quickly and effectively. Detecting incidents early allows companies to act fast, mitigate the damage and prevent further problem escalation. Moreover, immediate reporting to the Authority and the stakeholders shows a commitment to transparency and regulation compliance. A quick and effective response does not not only help in minimizing the operational downtime but also minimizing the financial loss resulting from security incidents. Below are general phases in structuring an incident response plan:
5.1. Preparation
The preparation phase in the incident response is one of the foundations to deal with incidents effectively. At this stage, FSTI Providers need to establish a platform to manage the incidents. Key steps include:
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