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The FSRA considers IT risk as a key risk faced by firms in the ADGM and has established rules and guidance to help Authorised Persons and Recognised Bodies manage IT risks. The FSRA incorporates the assessment of IT practices as part of its supervisory activities over Authorised Persons, Recognised Bodies, and applicants for a Financial Services Permission.
The tables below summarises the rules and guidance that Authorised Persons, Recognised Bodies, and applicants should consider as they build effective IT risk management practices and fulfil their regulatory obligations. These rules and guidance issued by ADGM’s authorities are available here.
In November 2023, the FSRA published a Discussion Paper setting out a holistic approach to IT risk management. Interested parties are encouraged to respond with comments to the Discussion Paper and look out for announcements on IT risk management from the FSRA via this webpage.
Following a review of comments received from the industry to the Discussion Paper, the IT Risk Management Guidance was formally published on 20 November 2024.
Authorised Persons must immediately notify the FSRA of any incidents impacting their operations as required under GEN 8.10.6. For IT and cyber incidents specifically, notification is required when an IT failure occurs, such as unscheduled disruptions to online services or business operations, or when a cyber-attack takes place. Cyber-attacks include unauthorised intrusions into computer networks, disruption or degradation of computer functionality and network performance through malware or denial of service attacks.
When reporting an incident, Authorised Persons must first submit an initial report using Template A via email to incidents.fsra@adgm.com. Following this initial notification, Authorised Persons are to submit updated information through progressive reports using Template B.
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