Technology and Cyber Resilience
MAS issues information paper on cyber risks associated with generative artificial intelligence (GenAI)
30 July 2024
MAS issued an information paper in July 2024 to raise FIs’ awareness on the cyber risks associated with GenAI. The paper provides an overview of key cyber threats arising from GenAI, the risk implications, and mitigation measures that financial institutions could take to address risks.
MAS signs Memorandum of Understanding (MoU) with banks and technology partners on quantum security
14 August 2024
MAS, DBS, HSBC, OCBC, UOB, SPTel and SpeQtral signed an MoU in August 2024 to embark on quantum security collaboration and study the application of Quantum Key Distribution (QKD) in financial services. QKD can help financial institutions protect the exchange of cryptographic keys to address the cybersecurity threats posed by quantum computing. This technical cooperation included the implementation of a QKD proof-of-concept (PoC) sandbox aimed to provide participating financial institutions with better practical understanding of QKD technology viability, effectiveness and security.
Banque de France (BdF) and MAS conduct groundbreaking post-quantum cryptography (PQC) experiment to enhance communication security
5 November 2024
BdF and MAS completed a groundbreaking joint experiment in PQC that spanned across continents over conventional Internet technologies. The PQC experiment aimed to strengthen communication and data security in the face of quantum computing advancements, and the successful experimentation is a useful step in the evolution of the protection of international electronic communications against the cybersecurity threats posed by quantum computing.
First cloud resilience crisis management exercise
6 November 2024
MAS led and organised a cloud crisis management tabletop exercise with members of the Financial Sector Cloud Resilience Forum. This is a first-of-its-kind in the region, simulating a severe public cloud incident disrupting multiple financial sectors across the region. The exercise enabled Forum members to strengthen their mutual understanding of one another’s incident response playbooks, identify possible supervisory interventions, and collaborate on measures to mitigate the impact of a severe public cloud service disruption.
Currency House’s enhanced Security Management System
March 2025
The enhancements to the security management system at Currency House was successfully completed, integrating advanced technologies and upgrades to security, mechanical and electrical systems, and building infrastructure. These enhancements have strengthened Currency House’s security, operational resilience, and ability to respond to threats and emergencies.
Inaugural meeting of the MAS Cyber and Technology Resilience Experts (CTREX) Panel
15-16 April 2025
MAS established the CTREX Panel in September 2024 which replaces MAS’ Cyber Security Advisory Panel, with an expanded mandate to cover technology resilience, in addition to cybersecurity. The inaugural meeting was held in Singapore on 16 April 2025, where the Panel recommended strategies to enhance FIs’ resilience such as adopting a service-centric approach and incorporating unscripted elements into regular disaster recovery drills to strengthen operational resilience; maintaining a comprehensive inventory of IT components used within FIs and mapping their third-party dependencies to address potential supply chain risks; and inventorising the use of cryptographic solutions across FIs’ operations so as to better prioritise the replacement of cryptographic solutions that are prone to quantum attacks.