Regulatory Alerts2024-05-09
Added
MAS Notice FSM-N05 Technology Risk Management
The Monetary Authority of Singapore issued Notice FSM-N05 to establish technology risk management requirements for banks in Singapore. The notice mandates a high level of reliability, availability, and recoverability for critical IT systems while requiring IT controls to protect customer information from unauthorized access or disclosure. These requirements apply to full and wholesale banks, both locally incorporated and branches, and became effective on 10 May 2024.
Notices
Published Date: 09 May 2024
Notice FSM-N05 Technology Risk Management
Requirements on technology risk management for banks in Singapore.
Technology Risk
Issued pursuant to:
Financial Services and Markets Act 2022
Applies to:
Full Bank (Locally Incorporated)
,
Full Bank (Branch)
,
Wholesale Bank (Branch)
,
Wholesale Bank (Locally Incorporated)
View Notice
Notice FSM-N05 Technology Risk Management
(69.8 KB)
This Notice sets out requirements for a high level of reliability, availability and recoverability of critical IT systems and to implement IT controls to protect customer information from unauthorised access or disclosure.
09 May 2024
MAS Notice FSM-N05 (69.8 KB) is effective from 10 May 2024.
Instructions on Incident Notification and Reporting to MAS
Incident Reporting Template
This circular provides guidance on how financial institutions should report incidents to MAS under the various acts, regulations, notices, circulars and guidelines.