Last Updated on June 10, 2025 by Arnaud Collignon
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Understanding CSSF Circular 24/866
The Commission de Surveillance du Secteur Financier (CSSF) has issued Circular 24/866 to provide guidance for financial institutions regarding the management and monitoring of risks associated with information technology and cybersecurity. This framework aims to enhance the resilience of financial entities against potential threats in the digital landscape.
Key Objectives of the Circular
- Risk Assessment: Establish a systematic approach to identify, assess, and manage IT and cybersecurity risks.
- Governance Framework: Ensure that appropriate governance structures are in place to oversee IT and cybersecurity strategies.
- Incident Response: Develop robust procedures for responding to cybersecurity incidents effectively.
- Continuous Monitoring: Implement ongoing monitoring mechanisms to evaluate the effectiveness of cybersecurity measures.
Important Requirements
The CSSF emphasizes the following requirements for financial institutions:
- Establish a dedicated IT governance framework that integrates risk management and cybersecurity into business operations.
- Conduct regular risk assessments to identify vulnerabilities and threats.
- Maintain a clear and effective incident response plan that can be activated in the event of a cybersecurity breach.
Implementation Timeline
Financial institutions are expected to comply with the guidelines outlined in Circular 24/866 by the specified deadlines. It is crucial for organizations to start reviewing their current practices and make necessary adjustments to align with the CSSF’s expectations.
Conclusion
In summary, CSSF Circular 24/866 serves as a crucial directive for financial institutions to enhance their IT and cybersecurity frameworks. By adhering to these guidelines, organizations can better protect themselves against the increasing number of cyber threats.