MAS has, in consultation with the financial sector and the technology industry, developed best practice guidelines on internet banking technology risk management and security practices. The guidelines are available at the MAS website (http://www.mas.gov.sg). Essentially, the guidelines require banks to:
- Establish a sound and robust technology risk management process;
- Enhance the availability, security and recovery capability of their systems; and
- Deploy strong cryptography to protect the integrity of customers' data and transactions.
2 Banks offering or delivering products and services via the internet or telecommunication networks, both wired or wireless, are required to implement the necessary processes and systems to comply with the guidelines within three months from the date of this circular. MAS will monitor and require internal/external audit verification of banks' compliance with the guidelines.
3 Additionally, to enhance public confidence in online financial systems, financial institutions and industry associations are encouraged to educate the public on the benefits as well as the risks of using financial services and products via the internet or other computer networks.
4 Should you have any queries, please contact Mr Tony Chew at 62299109 or e-mail him at tonychew@mas.gov.sg.
Yours faithfully
MRS FOO-YAP SIEW HONG
SENIOR EXECUTIVE DIRECTOR (BANKING)
FINANCIAL SUPERVISION GROUP
Click here to view the Internet Banking and Technology Risk Management Guidelines.
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