Issue link: https://maltatoday.uberflip.com/i/1526203
6 maltatoday | WEDNESDAY • 4 SEPTEMBER 2024 NEWS WITH the increasing reliance on digital processes, tools, and the economy itself, the financial services sector faces heightened exposure to operational risks, particularly Information and Communication Technology (ICT) risks. The latest volume of the Malta Financial Services Au- thority (MFSA)'s publication, "The Nature and Art of Super- vision", offers a detailed and updated account of the work carried out by the Authority's Supervisory ICT Risk and Cy- bersecurity (SIRC) Function. This edition provides an in- depth look at how the MFSA is adapting to key regulato- ry developments, such as the Digital Operational Resilience Act (DORA) and highlights its ongoing commitment to enhancing digital operational resilience and cyber-maturity within Malta's financial sector. The publication elaborates on several supervisory efforts made by the SIRC Function, in- cluding support for authorisa- tions, ongoing supervision, in- cident reporting, management of ICT third-party risk, and threat-led penetration testing. It also offers insights into the SIRC Function's common find- ings related to ICT and cyber- security, making it an essential read for all interested parties and authorised persons. Alan Decelis, Head of the SIRC Function said that the Authority remains committed to emerging supervisory areas and priorities, such as ICT and digital operational resilience. "The publication provides exclusive insights into the Authority's approach to ICT and cybersecurity supervi- sion within the context of outcome-based supervision throughout the supervisory li- fecycle of authorised persons – it is definitely a recommended read," he said. "I am indeed very proud of how the SIRC Function has evolved since its establishment in early 2020. We have made significant progress in key ar- eas and have contributed sub- stantially to national digital operational resilience in the sector." The MFSA established the SIRC Function in early 2020 to specifically address emerging ICT risks and contribute to the sector's overall resilience. Since its inception, the SIRC Function has significantly ma- tured, with the publication out- lining its progress in key supervi- sory areas such as authorisations, ongoing supervision, incident reporting, and the management of ICT third-party risks. The SIRC Function is com- mitted to an outcome-based supervisory approach, using various tools to ensure author- ised persons' progress against key supervisory priorities, in- cluding DORA preparedness, strong risk management and compliance functions, effective incident management process- es, and satisfactory status of ICT third-party providers. As the MFSA continues to streamline its processes and bolster the sector's resilience, this publication serves as a crucial resource for all those involved in Malta's financial services landscape. MFSA publishes latest insights on ICT and cybersecurity supervision THE latest MCESD council meeting, chaired by Deputy Chairman Mark Musù, prior- itised the Social Partners' pre- budget consultation. The MCESD held a meeting to launch the pre-budget process, engaging economist Gordon Cordina to conduct one-on-one meetings with all MCESD coun- cil members, including unions, employer organisations, the Civ- il Society Committee, and the Gozo Regional Committee and come up with an MCESD posi- tion on pre-budget proposals. During this pre-budget consul- tation, finance minister Clyde Caruana explained to social part- ners that the government would be submitting its medium-term fiscal plan to the European Com- mission by the 20th of Septem- ber. Despite the fiscal consolidation that will lead to a lower deficit and debt burden, the government will still be in a position to deliv- er a tax cut, increase spending on social protection, and allocate the necessary resources to capital in- vestment. Parliamentary secretary for so- cial dialogue Andy Ellul expressed his appreciation to all social part- ners for their valuable pre-budget proposals and announced the planning of additional meetings prior to the official presentation of the pre-budget document. Social partners emphasised the importance of fiscal sustainabil- ity, urging the enhancement of public sector efficiency and tax fairness for equitable contribu- tions and improved revenue. They also highlighted priorities such as improving connectivity between Malta and Gozo, re- forming public procurement, pri- oritising investment in healthcare infrastructure, ensuring good governance for more efficient and effective use of EU funds, promoting quality tourism, and addressing traffic issues. The need for a clear economic vision was also stressed among the social partners. The propos- als aimed to ensure a balanced approach to economic growth, competitiveness, and social de- velopment while maintaining fis- cal responsibility in the upcom- ing 2025 budget. MCESD kicks off pre-budget consultations: social partners present proposals for the 2025 budget Finance minister Clyde Caruana (third from left) addressing the MCESD