Regulatory Alerts2024-12-20
Added
Notification of Data Breaches to the Monetary Authority of Singapore
The Monetary Authority of Singapore issued Circular No. ID 03/23 to revise expectations for licensed insurers regarding data breach notifications under the Personal Data Protection Act 2012. Insurers must concurrently notify the Authority of breaches required for PDPC reporting, those meeting MAS Notice 127 criteria, and consolidate other breaches quarterly starting from Q1 2023. This circular supersedes Circular No. ID 10/14 with immediate effect to align regulatory reporting with recent legislative amendments.
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