Regulatory Alerts2024-09-27
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Risk Associated with Third-party IT Solutions
The Hong Kong Monetary Authority issued this letter to remind Authorized Institutions of the critical need to manage third-party IT dependencies following a major global cybersecurity incident. The regulator highlights that the outage resulted from inadequate testing, uncontrolled automatic updates, and poor risk management practices. Senior management is expected to review and enhance controls by adopting good industry practices outlined in the annex to ensure operational resilience.
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