Regulatory Alerts2024-05-09
Added · Updated
MAS Notice FSM-N16 on Cyber Hygiene Requirements for Designated Financial Holding Companies
This Notice applies to designated financial holding companies and requires them to secure administrative accounts, apply security patches commensurate with risk, and maintain written security standards for all systems. It mandates multi-factor authentication for administrative accounts on critical systems and for any internet-based access to customer information. Additionally, entities must implement network perimeter controls, malware protection where available, and compensating controls for systems unable to meet specific security standards or patch requirements. The Notice takes effect on 10 May 2024.
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