1. Cybersecurity Governance
Finding: The SFC emphasizes the need for clear governance frameworks to manage cybersecurity risks.
Implication: VATPs must assign responsibilities for cybersecurity oversight, establish risk management policies, and ensure regular board-level reporting.
2. Network Security and Segmentation
Finding: Critical systems must be segregated from non-critical systems and external-facing networks to limit exposure to cyber threats.
Implication: Network segmentation is critical for minimizing the impact of breaches and isolating sensitive data.
3. User Access Management
Finding: The SFC highlights the importance of robust access controls, especially for privileged accounts.
Implication: VATPs need to enforce strict password policies, multi-factor authentication (MFA), and regular audits of user access.
4. Data Protection and Encryption
Finding: Strong encryption protocols should protect client data both in transit and at rest.
Implication: Implementing industry-standard encryption methods ensures data integrity and reduces the risk of unauthorized disclosure.
5. Penetration Testing and Vulnerability Assessments
Finding: Regular testing and assessment of systems are essential to identify and remediate vulnerabilities.
Implication: VATPs must conduct simulated attacks and thorough evaluations to bolster defences against emerging threats.
6. 24/7 Monitoring and Incident Response
Finding: Continuous monitoring and a well-defined incident response plan are mandatory to detect and address threats promptly.
Implication: VATPs must maintain a Security Operations Center (SOC) or leverage managed security services to ensure round-the-clock protection.
7. Internet Access Controls
Finding: Access to external websites from staff workstations should be restricted to reduce phishing and malware risks.
Implication: Implementing URL filtering and access policies safeguards internal systems from external threats.
8. Virtual Asset Custody and Key Management
Finding: The SFC mandates rigorous procedures for safeguarding virtual assets, including the secure management of private keys.
Implication: VATPs need to adopt multi-signature wallets, cold storage solutions, and robust access controls to protect client assets.
9. Third-Party Risk Management
Finding: The SFC advises careful assessment and monitoring of third-party service providers to mitigate associated risks.
Implication: VATPs must evaluate the security practices of vendors and implement contractual obligations to ensure compliance.
10. Business Continuity Planning
Finding: Robust business continuity plans (BCPs) are required to ensure operational resilience in the event of disruptions.
Implication: VATPs should develop, test, and update BCPs regularly to maintain uninterrupted services during cyber incidents or other emergencies.
Key Takeaways
The SFC’s recommendations reflect the critical need for VATPs to prioritize cybersecurity as a core component of their operations. By implementing these measures, platforms not only ensure compliance but also demonstrate a commitment to safeguarding their clients’ assets and trust.
How We Can Help
As a Managed Security Services Provider (MSSP), Dual Layer IT services offer comprehensive solutions tailored to help comply with SFC’s guidelines, including:
- Pre-SFC Audit Cybersecurity Assessment and Preparation.
- Network Security and Segmentation Services.
- Penetration Testing and Vulnerability Assessment.
- Managed SOC for 24/7 monitoring and threat detection.
- Encryption Implementation and Data Protection Services.
- Third-Party Risk Assessment and Vendor Management Support.
- Business Continuity Planning and Testing Services.
Contact us today to learn how we can help your organization to comply with above cybersecurity guidelines.
