Notices on Technology Risk Management
View the requirements relating to technology risk management for the different types of financial institutions.
Digital transformation expands the options and accessibility of financial services to consumers. Financial institutions' exposure to cyber risks could increase and this could lead to operational disruptions and data breaches.
Every financial institution plays an important role in building a cyber resilient financial sector.
Ms Gillian Tan, Executive Director, MAS, shared about the Insurance-linked securities (ILS) landscape globally and in Asia, and discussed Singapore’s role in supporting the growth of ILS in Asia.
Singapore and UK concluded three agreements that will further deepen connectivity between the financial centres in Singapore and the UK. The agreements were made at the UK-Singapore Business Summit held on 13 June 2019 in commemoration of Singapore’s Bicentennial.
MAS, Bank of England and the Financial Conduct Authority announced that they would be working together to strengthen cyber security in their financial sectors. MAS and the UK authorities will commence work towards a MOU to signify this enhanced collaboration.
MAS released two consultation papers on proposed changes to the Technology Risk Management Guidelines and the Business Continuity Management Guidelines. The changes will require financial institutions to put in place enhanced measures to strengthen operational resilience. These take into account the rapidly changing physical and cyber threat landscape.
At the Cyber Risk Management Project's Scenario Project Launch, Ms Elean Chin, Division Head, MAS, outlined the evolution of the cyber risk landscape and Singapore’s response to cyber risk, including through legislation, knowledge and information sharing, and capability development. She also highlighted the initiatives to address cyber insurance gaps.