GDPR
EU regulation for personal data protection and privacy
MAS TRM
Singapore guidelines for financial technology risk management
Quick Verdict
GDPR mandates global data privacy protection with hefty fines, while MAS TRM provides supervisory guidelines for Singapore FIs' tech risks. Organizations adopt GDPR for EU compliance and worldwide standards; MAS TRM ensures financial sector cyber resilience.
GDPR
General Data Protection Regulation (GDPR)
Key Features
- Extraterritorial scope applies to non-EU entities targeting EU residents
- Accountability principle requires demonstrable compliance measures
- Fines up to 4% of global annual turnover for violations
- 72-hour mandatory personal data breach notification
- Comprehensive data subject rights including right to erasure
MAS TRM
MAS Technology Risk Management Guidelines
Key Features
- Board and senior management accountability
- Proportional implementation by risk profile
- Third-party services risk management
- Secure-by-design SDLC and DevSecOps
- Annual pen testing for internet systems
Detailed Analysis
A comprehensive look at the specific requirements, scope, and impact of each standard.
GDPR Details
What It Is
The General Data Protection Regulation (GDPR), Regulation (EU) 2016/679, is a binding EU regulation directly applicable in all member states since May 25, 2018. It protects personal data of EU individuals with extraterritorial scope, applying globally to entities targeting EU residents. GDPR uses a risk-based accountability approach, mandating lawful processing bases and demonstrable compliance.
Key Components
- Seven core principles: lawfulness/fairness/transparency, purpose limitation, data minimization, accuracy, storage limitation, integrity/confidentiality, accountability.
- Data subject rights: access, rectification, erasure ("right to be forgotten"), portability, objection, restriction.
- Obligations: Data Protection Officer (DPO), Data Protection Impact Assessments (DPIAs), 72-hour breach notifications.
- Enforcement: fines up to €20M or 4% global turnover; one-stop-shop for cross-border cases; no certification but audit-proof records.
Why Organizations Use It
- Mandatory legal compliance for EU data processing to avoid massive penalties.
- Mitigates breach risks, litigation, reputational damage.
- Enhances trust, sets global benchmark (Brussels Effect), aids market access.
Implementation Overview
- Gap analysis, policies, training, tech upgrades (pseudonymization, encryption).
- Appoint DPO, maintain Records of Processing Activities (ROPA).
- Applies universally to controllers/processors handling EU data; ongoing for all sizes.
- DPA investigations, no formal certification.
MAS TRM Details
What It Is
MAS Technology Risk Management (TRM) Guidelines (January 2021) are supervisory guidelines issued by Singapore's Monetary Authority of Singapore (MAS) for financial institutions. They provide a principles-based framework for governing and managing technology and cyber risks, emphasizing proportional implementation based on risk profile, complexity, and criticality to ensure CIA of systems and data.
Key Components
- 15 sections covering governance, risk frameworks, secure SDLC, IT operations, resilience, access controls, cryptography, cyber defense, assessments, and audit.
- Synthesized into 12 core principles like board accountability, asset classification, third-party oversight, and layered defenses.
- No fixed control count; focuses on outcomes with independent assurance.
Why Organizations Use It
- **Regulatory supervisionMAS evaluates observance during inspections, with enforcement risks.
- Enhances cyber resilience, reduces incidents, builds stakeholder trust.
- Supports digital transformation securely; competitive edge in Singapore finance.
Implementation Overview
- Risk-based roadmap: asset inventory, governance setup, control design, testing.
- Applies to all MAS-supervised FIs; scalable by size.
- No formal certification; demonstrated via audits and reporting. (178 words)
Key Differences
| Aspect | GDPR | MAS TRM |
|---|---|---|
| Scope | Personal data protection, privacy rights, compliance | Technology risk, cybersecurity, resilience in finance |
| Industry | All sectors worldwide, EU data subjects | Singapore financial institutions only |
| Nature | Mandatory EU regulation, extraterritorial enforcement | Supervisory guidelines, proportional implementation |
| Testing | DPIAs for high-risk processing, no mandated frequency | Annual PT for internet systems, regular VA/DR tests |
| Penalties | Up to 4% global turnover or €20M fines | Supervisory actions, fines via other MAS rules |
Scope
Industry
Nature
Testing
Penalties
Frequently Asked Questions
Common questions about GDPR and MAS TRM
GDPR FAQ
MAS TRM FAQ
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