Monetary Authority of Singapore Annual Report 2011/2012
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Financial Sector Industry-wide Business Continuity Exercise 2011 (IWE 2011) – Exercise Raffles III

On 15 September 2011, the third industry-wide exercise, codenamed Exercise Raffles III, was held in Singapore. It was jointly organised by the Association of Banks in Singapore and MAS, with the support of the Ministry of Home Affairs and the Singapore Police Force. Exercise Raffles III involved a total of 137 financial institutions, including banks, finance companies, insurance companies, securities and broking houses, the Singapore Exchange, as well as financial infrastructure providers such as NETS, Clearing and Payment Services and the Automated Clearing House.

Exercise Raffles III’s objectives were to test and strengthen the financial sector’s crisis management skills, communication processes and coordination with government agencies during a major operational disruption. The exercise featured, for the first time, a dual scenario that involved both physical and cyber terrorism, simulating swarm attacks by teams of terrorists in the Central Business District as well as simultaneous Distributed Denial of Service and malware attacks on financial institutions’ IT systems.

The high level of participation and positive feedback attest to the financial industry’s commitment to enhance systemic resilience and strengthen Singapore’s position as a trusted and reliable international financial centre.