Regulatory Alerts2024-05-09
Added · Updated
MAS Notice FSM-N07 Technology Risk Management
This Notice requires credit card or charge card licensees in Singapore to establish a framework for identifying critical systems and maintain high availability, limiting maximum unscheduled downtime to 4 hours within any 12-month period. Licensees must set a recovery time objective of no more than 4 hours for each critical system and validate this through testing at least annually. Additionally, licensees are mandated to notify the Authority within 1 hour of discovering a relevant incident and submit a root cause and impact analysis report within 14 days, while also implementing IT controls to protect customer information.
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