MAS Strengthens Financial Institutions Business Continuity to Address Evolving Threats
Singapore, 6 June 2022… The Monetary Authority of Singapore (MAS) today issued revised Guidelines on Business Continuity Management (BCM) for financial institutions (FIs), to help FIs strengthen their resilience against service disruptions arising from IT outages, pandemic outbreaks, cyber-attacks and physical threats. The revisions take into account learnings from the handling of the COVID-19 pandemic and increased digitalisation in the financial sector.
2The revised Guidelines provide new insights on measures that FIs can take to better manage the increasingly complex operating environment and threat landscape to enable the continuous delivery of services to their customers. Under the revised Guidelines, FIs should:
a)adopt a service-centric approach through timely recovery of critical business services facing customers;
b)identify end-to-end dependencies that support critical business services, and address any gaps that could hinder the effective recovery of such services; and
c)enhance threat monitoring and environmental scanning, and conduct regular audits, tests, and industry exercises.
3Mr Vincent Loy, Assistant Managing Director (Technology), MAS, said, “Against the backdrop of an increasingly volatile and complex environment, the new Guidelines will help financial institutions to take an agile and holistic approach in sustaining their critical business services when faced with threats and risk of disruption.”
4The revised Guidelines took into account feedback from two rounds of public consultation. MAS thanks all respondents for the invaluable suggestions in shaping the Guidelines.
The BCM Guidelines were first issued to the financial industry in June 2003, with a focus on the organisational response and recovery process to minimise the impact of business disruptions. Subsequently, an addendum was issued in January 2006 to provide further guidance on measures to mitigate the impact of influenza pandemic and security threats arising from terrorism.