Technology and Cyber Resilience

Strengthening MAS’ cross-border cyber crisis response and preparedness 

17 June 2022

MAS, the Banque de France (BdF) and the Autorité de contrôle prudentiel et de résolution (ACPR) carried out a joint cyber security crisis management exercise, which tested and validated the effectiveness of cyber crisis coordination and response by the three financial authorities, when managing scenarios such as ransomware, zero-day vulnerabilities and IT supply chain attacks that impact French banks operating in Singapore and France. The exercise followed from the MoU on Cooperation in Cybersecurity signed between MAS, BdF and ACPR in November 2019.

MAS’ Cyber Security Advisory Panel (CSAP) discussed actions to deal with new financial sector cyber risks

28 October 2022

At its sixth annual meeting held on 25 and 26 October 2022, MAS’ CSAP provided insights on how Singapore’s financial sector could address growing technology and cyber threats arising from heightened geopolitical tensions, rapid digitalisation of financial services, and an increasingly hostile cyber threat landscape. The CSAP also discussed risk mitigation measures relating to emerging technology, including quantum computing and distributed ledger technology, and managing concentration risks associated with critical third-party service providers. Panel members also spoke at the Technology and Cyber Risk Seminar, jointly organised by MAS and The Association of Banks in Singapore, for the financial industry.