Regulatory Alerts2024-05-09
Added · Updated
Notice on Technology Risk Management for Registered Insurance Brokers
Registered insurance brokers must establish a framework to identify critical systems and maintain high availability, ensuring maximum unscheduled downtime does not exceed 4 hours within any 12-month period. A recovery time objective of no more than 4 hours is required for each critical system, with validation and documentation of system recovery testing conducted at least annually. Brokers 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, IT controls must be implemented to protect customer information from unauthorized access or disclosure, with the Notice taking effect on 10 May 2024.
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