What Are GL20 Regulations and Why Do They Matter?
Posted by complynexus 21 days ago (https://complynexus.com/what-are-gl20-regulations-and-why-do-they-matter/)
Description:
Cyber threats are a growing risk for insurers—especially in Hong Kong. In 2023, around 64% of financial firms in Asia reported a rise in cyberattacks, with insurance companies being a prime target. To combat this, Hong Kong’s Insurance Authority introduced GL20, a set of regulations to strengthen cybersecurity in the sector.
But what exactly are GL20 rules, and why should insurers care? Simply put, they ensure companies protect customer data, detect threats early, and stay prepared for breaches. Non-compliance is not just risky. It can lead to heavy fines and reputational damage.
Let’s break down GL20’s key requirements, why they matter, and how insurers can stay ahead.
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Category: Business
Tag: What Are GL20 Regulations and Why Do They Matter?
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