Regulatory Alerts2021-05-18
Added · Updated
Secure Tertiary Data Backup
The Hong Kong Monetary Authority requires all authorized institutions to critically assess the need for implementing secure tertiary data backup to mitigate destructive cyber attacks. The regulator expects institutions to evaluate their risk exposure against the principles outlined in the Hong Kong Association of Banks' guideline and submit assessment reports by 30 November 2021. Specific reporting obligations apply to retail banks and foreign bank branches with significant operations in Hong Kong, with board endorsement required for locally-incorporated entities.
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