Beyond compliance: new Joint Standard boosts cyber resilience for financial Institutions

The new Joint Standard aims to enhance cyber resilience by embedding cybersecurity into organisational strategies, going beyond mere regulatory compliance.

In brief:

• The new Joint Standard aims to embed cybersecurity into organisational strategies
• It emphasizes the integration of cybersecurity with business risk and promotes proactive incident response planning to protect reputation and continuity
• The standard provides a framework for leadership to drive a culture of security and resilience, offering a competitive edge in a digital-first economy

The new Joint Standard on cybersecurity and cyber resilience is not just another regulatory hurdle for South African financial institutions to clear. While meeting the 1 June 2025 compliance deadline is critical, institutions that view the standard through a purely compliance-driven lens risk missing the bigger opportunity. At its core, the Joint Standard is designed to build resilience—embedding cybersecurity into the fabric of the organisation and aligning it with business risk and strategic goals.

Cyber threats are no longer theoretical. They are persistent, sophisticated, and capable of disrupting operations, damaging reputations, and undermining trust in the financial system. Regulatory compliance provides a baseline. But going beyond that baseline is what sets resilient, future-ready institutions apart.

Building trust through resilience

The financial services sector thrives on trust. When a client hands over their data or transacts on your platform, there is an implicit expectation of safety. The Joint Standard offers an opportunity for institutions to demonstrate that cybersecurity is not just a compliance obligation but a strategic business priority. By implementing its principles proactively, institutions can build deeper trust with clients, partners, and regulators. Strengthened resilience also means greater agility. Institutions that are prepared to withstand cyber incidents can recover faster, protect operations, and maintain continuity. In a digital-first economy, that resilience becomes a competitive differentiator.

Integrating cyber with business risk

One of the most strategic shifts in the Joint Standard is its call for cybersecurity to be integrated with business risk. This moves the conversation out of the server room and into the boardroom. Institutions must align their cyber strategy with risk appetite, understand how their operations intersect with third-party dependencies, and ensure governance structures are equipped to oversee cyber risk alongside financial and operational risks. This shift creates a foundation for smarter investment. Rather than throwing resources at security in a reactive manner, institutions can align spend with genuine risk exposure—directing time, effort and budget to the areas that matter most.

Reputational protection in a hostile threat landscape

Gone are the days when cyber incidents are seen as IT failures. They have now become reputational events. A breach can erode customer confidence in moments. The Joint Standard places emphasis on proactive incident response planning and continuous monitoring, both of which are essential for early detection, containment, and communication. Institutions that go beyond compliance by building extensive cyber resilience frameworks will be better positioned to protect their brand. Non-compliance is costly, but inaction during a breach can be devastating.

An opportunity for leadership

For leadership teams and boards, the Joint Standard provides a clear framework to attribute accountability and drive a culture of security. When resilience becomes a leadership priority, it influences everything from vendor selection and system architecture to staff awareness and strategic planning. The reality is that the threat landscape will continue to evolve. New attack vectors will emerge. But institutions that embrace the spirit of the Joint Standard—rather than simply its letter—will be better equipped to adapt and thrive. By going beyond compliance, financial institutions can protect not only their systems but also their reputation, stakeholder confidence, and long-term sustainability in an increasingly digital world.

In summay

The new Joint Standard on cybersecurity for South African financial institutions aims to enhance cyber resilience by embedding cybersecurity into organisational strategy, aligning it with business risks and going beyond mere regulatory compliance.