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Cyberlogic and ENS Equip Financial Institutions for a New Era of Compliance and Cyber Resilience
Unpacking the Implications of Joint Standard 2 of 2024 and Other Critical Regulations
According to a recent SOCRadar report, the financial sector is among the top five industries most targeted on the dark web, with nearly 60% of threats aimed at information assets. Threat actors are now weaponising AI to scale attacks and bypass detection faster than ever. The implications are clear: financial institutions must rethink their cyber strategies, moving beyond tick-box compliance to a more holistic model of resilience.
PwC’s 2024 Africa Cyber Security Outlook reinforces this urgency, 31% of surveyed organisations anticipate significant increases in cyber budgets. But increased spend doesn’t guarantee security. The real need is alignment: people, technology, legal frameworks, and risk strategy must work together.
A Framework Built for Reality
While technology continues to transform the financial sector, the real challenge lies in keeping pace with complex and evolving regulatory demands. Recognising this, Cyberlogic and ENS co-hosted an insightful three-part webinar series in April titled Navigating the Joint Standards and Its Overlapping Compliance Frameworks designed to help financial institutions align innovation with compliance. At the core of the series was the “LPPT Framework”:
- Legal
- People
- Process
- Technology
Co-developed by Cyberlogic and ENS, the LPPT framework offers a practical, unified approach to overlapping compliance requirements. It acknowledges that regulatory alignment isn’t siloed as it spans legal, security, and operational domains. The LPPT framework was designed by Cyberlogic and ENS to help organisations not only meet legal requirements but also build real-world resilience.
To bring these concepts to life, the webinar series used a relatable narrative of building and securing a house. This analogy grounded abstract standards in practical imagery:
- Governance and responsibility were likened to home ownership, where the board ensures the house has a solid blueprint, clearly assigned roles, and a comprehensive security plan.
- Cyber security strategies were presented as the house manual, guiding how risks are mitigated and digital assets are safeguarded.
- Asset identification and risk assessment were equated to cataloguing home inventory and identifying weak entry points.
- Protection measures were visualised as installing locks, fences, safes, and even training the household (employees), while third-party security involved managing contractors and guests safely.
- Detection and monitoring became the alarm system and surveillance cameras, constantly watching for suspicious activity.
- Response and recovery represented the emergency plan: how to respond to break-ins, maintain backups, and communicate swiftly.
- Situational awareness was about watching the neighbourhood, staying alert to evolving threats.
- And testing and assurance were like conducting regular drills, repairs, and even hiring fake burglars to test the system.
The three-part series brought together legal and cyber security experts to help financial institutions understand and prepare for sweeping regulatory shifts.
The series was delivered by a seasoned panel that blended legal expertise with operational and technical experience:
- Francois Kriel, Client Success Principal at Cyberlogic
- Roscoe Petersen, Head of Cyber Security at Cyberlogic
- Genevieve Daniels, Cyber Security Lead at Cyberlogic
- Andrea Marchetti, Group Executive, Hyperclear Tech
- Wilmari Strachan, Executive, Technology, Media and Telecommunications at ENS
- Priyanka Raath, Senior Associate, Technology, Media and Telecommunications at ENS
Because compliance often overlaps across functions and attendees ranged from compliance officers to IT and security leads with their own goals, the LPPT framework and the cyber house analogy provided a flexible, inclusive approach that resonated with all stakeholders.
Practical Value for Attendees
The webinar series provided theoretical insights and delivered actionable value through:
- Practical Tools for Compliance Readiness: Participants walked away with a range of resources including a complete set of presentation materials for internal training and board briefings, and one lucky participant won a customised compliance matrix worth R25,000, to help their internal teams map responsibilities and actions across overlapping standards.
- Legal and Technical Integration: ENS’s legal expertise ensured that interpretations of the standards were accurate, while Cyberlogic translated these into IT and cyber security measures that could be practically implemented, bridging a gap that often exists in many organisations.
- Real-World Scenarios and Recommendations: From the need to adopt EDR (Endpoint Detection and Response) tools instead of relying solely on outdated antivirus software, to the rise of Vulnerability Management-as-a-Service, the sessions focused on real, actionable shifts organisations must make to future-proof themselves.
For financial institutions, compliance with these new standards isn’t just about avoiding penalties, it’s about protecting the very livelihoods entrusted to them. From retirement savings and insurance policies to day-to-day transactions, these institutions serve as custodians of enormous public trust.
Your Next Step
As insurers and financial services firms brace for stricter enforcement and rising expectations, Cyberlogic and ENS are committed to helping them build and maintain secure “houses” that stand the test of time. This webinar was just one part of a larger strategy to build lasting cyber resilience in a high-stakes industry.
If regulatory alignment and cyber readiness are priorities for your business, reach out to Francois Kriel for more information and guidance tailored to your organisation.
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