Technology and Cyber Resilience
Establishment of the Financial Sector Cloud Resilience Forum (FSCRF)
5 April 2023
MAS led the establishment of the FSCRF for Asia Pacific financial regulators and major cloud service providers, to foster collaboration on operational resilience initiatives, share public cloud resilience information as well as uplift the regulators’ knowledge and competencies in technology and cyber risk posed by public cloud adoption in the financial sector.
Joint Exercise to strengthen cross-border cyber incident coordination and crisis management
2 May 2023
MAS and the United States Department of the Treasury (Treasury) carried out a cross-border cybersecurity exercise which allowed both agencies to test and strengthen existing protocols for information exchange and incident response coordination for cyber incidents involving banks operating in both jurisdictions. MAS and the Treasury reviewed the lessons gleaned, discussed possible enhancements and involvement of other international partners in future exercises, and explored other opportunities to deepen cybersecurity cooperation between the two agencies.MAS partners Google Cloud to advance capabilities in generative artificial intelligence (AI) technology
31 May 2023
MAS and Google Cloud signed a Memorandum of Understanding to collaborate on generative AI solutions that are grounded on responsible AI practices. The partnership will explore technology opportunities to advance the development and use of responsible generative AI applications within MAS, as well as cultivate technologists with deep AI skillsets.
MAS' Cyber Security Advisory Panel (CSAP) propose ways to tackle mobile malware scams and Generative AI risks for the financial sector
30 October 2023
At its seventh annual meeting held on 24 and 25 October 2023, MAS’ CSAP discussed global cybersecurity trends and their impact on the financial sector, securing mobile banking and payments amidst the rise of online banking scams, as well as financial institutions’ growing adoption of AI. 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.