In October 2022, the Singapore Exchange Regulation (“SGX RegCo“) published the Cyber Incident Response Guide (“Guide“) to provide guidance on the best practices which are pertinent to helping issuers listed on the Singapore Exchange Securities Trading Limited as well as the SGX members (collectively “Companies“) strengthen their cyber risk management strategies and practices. The Guide aims to set out considerations and good practices for Companies to refer to in preparing and operationalising their own cyber incident response plans, and adapting these considerations and good practices as necessary to meet their own requirements.
Although the Guide does not aim to prescribe a set of standards that all Companies should adopt, it is an indication of the impact a cyber incident can have on Companies and provides a perspective on the emphasis of SGX RegCo on Companies’ preparedness and response to cyber risks and incidents. Companies should promptly assess whether their existing internal policies and plans deal with cyber risks and cyber incidents, and if so, whether such policies and plans meet the SGX RegCo’s expectations set out in the Guide.
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