Regulatory Alerts2024-05-09
Added · Updated
MAS Notice FSM-N11 Technology Risk Management
This Notice requires merchant banks 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. It mandates a recovery time objective of no more than 4 hours for each critical system, with validation and documentation of system recovery testing conducted at least annually. Merchant banks must notify the Authority within 1 hour of discovering a relevant incident and submit a root cause and impact analysis report within 14 days. Additionally, banks must implement IT controls to protect customer information from unauthorized access or disclosure.
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