Cyber Resilience

MAS issued new rules to raise cybersecurity standards and strengthen cyber resilience of the financial sector

6 August 2019

The Notice on Cyber Hygiene made compulsory a set of cybersecurity measures in the existing MAS Technology Risk Management Guidelines, such as the need for establishing and implementing robust security for IT systems and applying timely updates to address system security flaws. All financial institutions were required to implement the set of measures by 6 August 2020.

MAS signed a Memorandum of Understanding on Cybersecurity with Autorité de Contrôle Prudentiel et de Résolution (ACPR) and Banque de France (BDF) to bolster cybersecurity cooperation between Singapore and France

31 October 2019

MAS, ACPR and BDF agreed to enhance cybersecurity cooperation through regular information sharing on cyber incidents and threat intelligence, as well as staff exchanges to deepen working relationships and mutual learning. The first cybersecurity workshop was held in Paris on 2 February 2020 to exchange views on strategies to enhance cyber resilience in the financial sector.

MAS co-organised the 6th Industry-Wide Business-continuity Exercise with the Association of Banks in Singapore (ABS) to enhance the financial sector’s preparedness against Cyber Threats

20-21 November 2019

About 140 financial institutions took part in the two-day exercise to test their individual cyber resilience plans. For the first time, international participants such as the Financial Services Information Sharing and Analysis Centre and the Hong Kong Monetary Authority participated in the exercise.