News

Guernsey [GFSC] issues NEW Cyber Security Rules and Guidance [15th February 2021]

16/02/2021

The GFSC has published its Cyber Security Rules and Guidance [1]; these rules ensure

  • The Bailiwick's regulatory regime continues to be compliant with international standards and
  • Appropriate for the Guernsey market.

The rules are principles-based, allowing for application across the Bailiwick's diverse finance sector.

The Cyber Security Rules come into operation immediately; however,

  • Transitional arrangements within the Rules allow firms to implement changes to their internal controls to ensure compliance with the Rules by 9th August 2021.

The Commission would also recommend continued attention to the guidance issued by the National Cyber Security Centre - NCSC.GOV.UK

Copies of the Rules and Consolidated Rules and Guidance - :

The making of the Rules and Guidance follows a period of extensive public consultation. The Commission would like to thank all those who provided comments in response to the consultation. A feedback statement is on the Commission's website at the following link:

The Commission is today publishing Cyber Security Rules and Guidance under The Protection of Investors (Bailiwick of Guernsey) Law, 1987; The Banking Supervision (Bailiwick of Guernsey) Law, 1994; The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc. (Bailiwick of Guernsey) Law, 2000; The Insurance Business (Bailiwick of Guernsey) Law, 2002 and The Insurance Managers and Insurance Intermediaries (Bailiwick of Guernsey) Law, 2002 which will ensure that the Bailiwick's regulatory regime continues to be compliant with international standards and appropriate for the Guernsey market.

GUERNSEY