New S$30 million grant to enhance cybersecurity capabilities in financial sector
Singapore, 3 December 2018… The Monetary Authority of Singapore (MAS) today announced the launch of a new S$30 million Cybersecurity Capabilities Grant to strengthen the cyber resilience of the financial sector in Singapore and help financial institutions develop local talent in cybersecurity.
2 The Grant, funded under the Financial Sector Technology and Innovation Scheme (FSTI)
i. financial institutions to establish their global or regional cybersecurity centres of excellence in Singapore; and
ii. financial institutions with key global or regional cybersecurity functions and operations in Singapore to expand and deepen their cybersecurity capabilities locally.
3 The Grant will also encourage Singapore-based financial institutions to upskill their local workforce through cybersecurity-related training programmes. This will help attract more cybersecurity professionals and expand the local talent pool in the financial sector.
4 Mr Tan Yeow Seng, Chief Cyber Security Officer, MAS, said, “The Singapore financial sector has made significant progress in recent years in building up cyber resilience and managing cyber risk. But the cyber threat landscape continues to evolve and we have to constantly strengthen our cyber capabilities. The Cybersecurity Capabilities Grant will support financial institutions in advancing their cybersecurity technology and manpower needs.”