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In a development for UK Financial Service third party suppliers, the UK government has published a policy statement for mitigating risks from critical third parties to the finance sector (FS), such as cloud service providers. HM Treasury has been working with the Bank of England, including the Prudential Regulation Authority (PRA), and Financial Conduct Authority (FCA) to understand what ‘direct regulatory oversight of critical third-party services might involve.
Under the proposed ‘Critical Third Party Regime’, third party suppliers identified as critical to the FS sector will have to demonstrate that they are appropriately managing risks of system disruption. In an effort to improve finance sector resilience and reduce the risk of systemic disruption. A proposal that is inline with the regulatory direction set by U.S. and EU regulators through the SEC’s recent cybersecurity risk management proposals, EU NIS 2.0 and DORA.
For the third party suppliers that apply risk management and resilience frameworks and standards for example to meet FEDRAMP requirements, meeting the UK proposal maybe more straight forward. As long as their clients understand controls inheritance and thought through their approach to SOC. For those that have not they will have a compliance journey ahead of them.
Ted Dziekanowski
#resilience #cybersecurity #soc #cybersecurityriskmanagement
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