ROBUST, TRUSTED, DYNAMIC AND

PURPOSEFUL FINANCIAL CENTRE

A ROBUST FINANCIAL CENTRE
INDUSTRY TESTS

Industry-Wide Stress Tests
MAS conducts annual industry-wide stress tests of financial institutions in Singapore. In 2015, the macroeconomic stress scenario applied across the financial industry incorporated a weakening of the external economic environment stemming from a more aggressive than expected rise in the US policy rate, prolonged slowdown in China, and recession in core Eurozone and Japan. This in turn triggered a slowdown in Singapore's economic growth, including a property market correction. Direct insurers were also subject to insurance-specific stress scenarios such as a flu pandemic. The stress tests showed that Singapore's financial system would remain resilient under the stress scenario. As with previous years, MAS shared the stress test results with participating financial institutions, and engaged them on their results and actions to mitigate the effects from plausible risk events.

Cybersecurity Table-Top Exercise
Cyber Security Agency and MAS jointly organised and conducted a table-top exercise (TTX) in May 2015 to assess the financial sector's capabilities and readiness to detect, respond and recover from cyber attacks. During the TTX, key financial institutions tested their cybersecurity measures and recovery plans across a range of cyber threat scenarios, including the sector's ability to execute a coordinated response. MAS will continue to work with various stakeholders to further strengthen the sector's cyber resilience.


Participants united in response to simulated cyber attacks


Participants sharing their cyber strategies with Dr Yaacob Ibrahim, Minister for Communications and Information and Minister-In-Charge of Cyber Security