Regulatory Alerts2024-05-09
Added · Updated
Notice on Technology Risk Management for Finance Companies
Finance companies must establish a framework to identify critical systems and maintain high availability, limiting unscheduled downtime to 4 hours within any 12-month period. They must set a recovery time objective of no more than 4 hours for each critical system and validate this through annual testing. Upon discovering a relevant incident, companies must notify the Authority within 1 hour and submit a root cause and impact analysis report within 14 days. Additionally, finance companies are required to implement IT controls to protect customer information from unauthorized access or disclosure.
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