Regulatory Alerts2014-10-14
Added · Updated
Customer Data Protection
The Hong Kong Monetary Authority issued this circular to update guidance on protecting customer data confidentiality, emphasizing the implementation of layered security controls and the adoption of stringent standards for Bring-Your-Own-Device usage. Authorized institutions are required to establish effective incident handling procedures, including senior oversight, prompt reporting to regulators, and appropriate notification of affected customers. The regulator expects all institutions to complete a critical review of their existing controls by the first quarter of 2015 to ensure compliance with these enhanced requirements.
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