Guideline 2024
Technology and Cyber Risk Management Guideline (Financial Services Commission)
Issued by Financial Services Commission
Effective: 1 Dec 2024
Plain-English summary
Guideline issued under s. 53 of the Financial Services Commission Act for all financial institutions the FSC regulates. It requires an incident to be classified within 24 hours of detection and the Commission to be informed within four hours after classification (s. 10(B)(1)). Issued and effective 1 December 2024.
Who it applies to
Insurance · Capital Markets · Asset & Wealth Management
Topics
Cybersecurity & IT Risk Operational Risk & Outsourcing
Obligations arising from this law or regulation
| Obligation | Timing | Regulator | Source | Detail |
|---|---|---|---|---|
| Report cyber incidents to the Financial Services Commission | Deadline Within 4 hours after classification; classification within 24 hours of detection | FSC | official | |
Section 10(B)(1) says financial institutions should inform the Commission within four hours after an incident is classified, and an incident should be classified within the first 24 hours of its detection. The guideline applies to all financial institutions the FSC regulates (insurers, securities market participants, pension plans, credit unions). |
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| No obligations match these filters. | ||||
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