Compliance & Risk Overview
Cyber Security & Cyber Resilience is now a Legal Requirement
On 17 May 2024, the FSCA and the Prudential Authority published Joint Standard 2 of 2024: Cybersecurity and Cyber Resilience Act. This mandates all Financial Services Providers (FSPs) and related institutions to implement robust cyber resilience frameworks.
The Cyber Risk reality in South Africa
- oCybercrime costs the SA economy R2.2 billion annually.
- oOnly 5% of companies rank as “cyber mature”.
- oThe average cost of a breach ranges from R3.29M — R44.49M.
- o60% of SMEs close within 6 months of a cyberattack.
- oSA ranks as the #1 cyber attack target in Africa.
The Cyber Risk reality in South Africa
- oRegulatory penalties.
- oLoss of operating license.
- oReputational damage and client distrust.
What this means for brokers & FSP's
Your clients and your license are exposed.
Regulators expect you to prove active monitoring, staff awareness and incident readiness
This is no longer optional. It's a compliance obligation.
*Certificate of Compliance provided upon successful implementation.
How the Digimune Business Monitoring Solution helps you comply with the Joint Standard Act
Our cloud-based Business Monitoring platform is built to align directly with compliance requirements:
Joint Standard Requirement
Continuous Cyber Risk Monitoring: Financial institutions must adopt robust cybersecurity and resilience against cyberattacks, with controls commensurate to their risk profile and operations.
How Digimune delivers
Dark Web Monitoring: Detect leaked data (emails, credentials, banking details) before exploitation. Hack & Asset Monitor — Real-time alerts for phishing sites, hacker mentions, blacklist entries.
Joint Standard Requirement
Staff Awareness & Competence: Institutions must implement sound practices and processes to ensure personnel are adequately prepared to prevent and respond to cyber risks.
How Digimune delivers
Training Module & Phishing simulator: Ongoing staff education with risk scoring, phishing simulations, and completion tracking.
Joint Standard Requirement
Incident Management & Resilience: Firms must be able to manage and mitigate cybersecurity risks and respond effectively to incidents.
How Digimune delivers
Hack Monitor & Vulnerability Monitor: Early detection of breaches, misconfigurations, malware, and domain threats. Alerts ranked from low to critical with remediation guidance.
Joint Standard Requirement
Protection Of Critical Digital Assets: Controls must cover systems, client information, and infrastructure vulnerabilities proportionate to business size and risk.
How Digimune delivers
Vulnerability & Asset Monitoring: Scans domains, IPs, and infrastructure for exploitable weaknesses. Provides remediation instructions via CVE database.
Joint Standard Requirement
Governance & Accountability: Senior management/boards must ensure cyber resilience across operations and demonstrate oversight.
How Digimune delivers
Centralized Dashboard & Reporting: Executive visibility of threats, compliance status, and staff training results.
Policy Holder Support: Customer onboarding, product configuration, and response support.
Advantages for Brokers
- oStreamlined Process - Designed for businesses of all sizes with no technical knowledge required.
- oPremium Technical Support - for account creation, configuration, and remediation of vulnerabilities that are found.
- oTrusted Technical Advice - to ensure that the necessary cyber security levels are achieved and maintained.
- oExclusive Access - Only available through Digimune and partners.
- oCompliance Made Simple - Digimune maps directly to Joint Standard requirements.
Protect your license and your clients!
With Digimune Business Monitoring, you can demonstrate compliance and safeguard your business and your clients.