Data breaches are a key concern for organisations, particularly in light of the increasing incidents of data leaks. As part of Singapore’s regulatory framework to protect personal data, there are various requirements in place regarding notification of data breaches to the relevant authorities. For licensed insurers, which collect and hold large quantities of personal data, it is important to be aware of the applicable notification requirements and timelines.
On 22 February 2023, the Monetary Authority of Singapore (“MAS“) issued Circular No. ID 03/23 – Notification of Data Breaches to the Monetary Authority of Singapore (“Circular 03/23“). Circular 03/23 sets out the revised expectations for licensed insurers regarding notifying MAS of data breaches. This Update highlights the applicable notification requirements for the prescribed categories of data breaches, as well as the relevant timelines for notification, under Circular 03/23.
For more information, click here to read the full Legal Update.
