Regulatory Alerts2024-05-09
Added
MAS Notice FSM-N07 Technology Risk Management
The Monetary Authority of Singapore issued Notice FSM-N07 to impose technology risk management requirements on credit and charge card licensees. The regulation mandates that these institutions ensure high reliability, availability, and recoverability of critical IT systems while implementing controls to protect customer data from unauthorized access. This notice became effective on 10 May 2024 pursuant to the Financial Services and Markets Act 2022.
Notices
Published Date: 09 May 2024
Notice FSM-N07 Technology Risk Management
Requirements on technology risk management for credit card or charge card licensees in Singapore.
Technology Risk
Issued pursuant to: Financial Services and Markets Act 2022
Applies to:
Credit/Charge Card Issuer
View Notice
Notice FSM-N07 Technology Risk Management
(67.8 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-N07 (67.8 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.