Regulatory Alerts2019-04-01
Recommendation 4/2019 on the usage of community and public cloud computing services
The Magyar Nemzeti Bank issues Recommendation 4/2019 to provide practical guidance for financial intermediary entities managing risks associated with community and public cloud computing services. The document mandates that entities conduct comprehensive risk analyses, ensure legal compliance, and establish robust contractual requirements covering data protection, exit strategies, and audit rights. It further requires entities to maintain detailed registers of cloud activities and report specific information regarding service providers and data locations to the supervisory authority.
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