We intend to keep licensing requirements simple to minimise the operational costs on businesses. The requirements that licensed service providers have to comply with include:
Ensure that their key executive officers performing the licensable services are fit and proper persons as defined in S26(8). For example, ensure that the individual has not been convicted of any offence involving fraud, dishonesty or moral turpitude.
Keep for at least 3 years, basic records on the cybersecurity services that it has provided. This was reduced from the earlier proposed 5 years, so as to lighten the administrative requirements on licensed cybersecurity service providers.