FSC Mauritius release new guidelines on cloud computing
The Financial Services Commission (FSC) of Mauritius has published its guidelines on Cloud Computing Services which became effective on the same day, i.e. 30 November 2023. The guideline is designed to offer overarching guidance to FSC licensees on the utilisation of cloud computing services, with an emphasis on aligning practices with the specific nature, scale, and complexity of their respective business activities.
Licensees are now mandated to adhere to the provisions outlined in the guideline, taking into account their unique business environment and associated risks. Notably, any current licensee using cloud computing services before the guideline’s enactment must implement the provisions within six months of the guideline’s issuance.
This development follows the release of the Bank of Mauritius’ cloud service guidelines on 07 September 2022, emphasising a concerted effort within the financial sector to regulate and standardise cloud computing practices.
The FSC’s guideline defines cloud computing across three primary ‘cloud service models’: Software as a Service (SaaS), Platform as a Service (PaaS), and Infrastructure as a Service (IaaS). These classifications provide a foundation for licensees to structure their cloud computing strategies effectively.
Under the new guideline, licensees in Mauritius are obligated to formulate and implement a risk-based cloud strategy and policy. This includes a thorough assessment of various aspects related to the use of cloud computing. Additionally, licensees must evaluate the materiality of cloud computing services and inter alia document the assessment, considering the cost implications of potentially transferring services in-house.
The FSC’s proactive stance on cloud computing regulation highlights the financial sector’s commitment to ensuring robust cybersecurity measures and compliance with evolving technological standards.
Contact us via email at info@salvusfunds.com should you have any questions about how this change impacts your business operations under the FSC in Mauritius, and/or if you need support to comply with these changes. We are here to help you navigate and adhere to the regulatory requirements effectively and be of value.
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