Regulatory Alerts2024-05-09
Added · Updated
MAS Notice FSM-N03 Technology Risk Management
This Notice requires licensed insurers, excluding captive and marine mutual insurers, to establish frameworks for identifying critical systems and maintaining high availability with a maximum unscheduled downtime of 4 hours per 12-month period. Insurers must set a recovery time objective of no more than 4 hours for each critical system and validate this through annual testing. Additionally, insurers must notify the Authority within 1 hour of discovering a relevant incident and submit a root cause and impact analysis report within 14 days, while implementing IT controls to protect customer information. The Notice takes effect on 10 May 2024.
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