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Cyber Security

Technological innovation and advancement are rapidly transforming the financial sector. The success of the digital transformation in the financial sector is underpinned by the safety and soundness of these technologies. Find out MAS’ strategies and guidance for financial institutions to achieve cyber resilience.

Overview

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.

A cyber-attack can result in a prolonged disruption of business activities. Threats are constantly present and evolving in sophistication. We cannot afford to be complacent. Financial institutions must therefore remain vigilant and have in place effective technology risk management practices and robust business continuity plans to ensure prompt and effective response and recovery.

- Tan Yeow Seng, MAS Chief Cyber Security Officer
MAS Consults on Proposed Enhancements to Technology Risk and Business Continuity Management Guidelines

Regulations and Guidance

Please be informed of the changes in reference made in the technology risk management and cyber hygiene notices with effect from 10 May 2024.


Technology Risk Management Notice
(TRMN)
 Cyber Hygiene Notice
(CHN)
Financial Institutions (FIs)   Prior to 10 May 2024 From 10 May 2024 Prior to 10 May 2024 From 10 May 2024
Insurers and Insurance Agents TRMN 127 FSM-N03 CHN 132 FSM-N04
Banks  TRMN 644 FSM-N05 CHN 655 FSM-N06
Credit Card or Charge Card Issuers  TRMN 644A FSM-N07 CHN 655A FSM-N08
Finance Companies  TRMN 830 FSM-N09 CHN 834 FSM-N10
Merchant Banks  TRMN1114  FSM-N11  CHN1118  FSM-N12 
Licensees, Operators and Settlement institutions of Designated Payment Systems and Digital Payment Token Service Providers   PSN05 FSM-N13 PSN06 FSM-N14
Money Brokers TRMN 912   FSM-N15  - - 
Designated Financial Holding Companies  - - CHN FHC-1119 FSM-N16
Credit Bureaus  TRMN CBN02 FSM-N17 CHN CBN03 FSM-N18
Insurance Brokers TRMN 506 FSM-N19 CHN 507 FSM-N20
Capital Markets Financial Institutions  TRMN CMG-N02 FSM-N21 CHN CMG-N03 FSM-N22
Licensed Financial Advisers  TRMN FAA-N18 FSM-N23 CHN FAA-N21 FSM-N24
Licensed Trust Companies
 TRMN TCA-N05 FSM-N25 CHN TCA-N06 FSM-N26

Notices on Cyber Hygiene

View the requirements relating to cyber security for the different types of financial institutions.

Notices on Technology Risk Management

View the requirements relating to technology risk management for the different types of financial institutions. 

Guidelines on Technology Risk Management

View principles and best practice standards to guide financial institutions in managing technology risk. 

Advisory Panels and Committees

Formed in 2024, the MAS Cyber and Technology Resilience Experts (CTREX) Panel comprises global industry thought leaders, experts and practitioners in cybersecurity and technology resilience. The Panel advises MAS on key emerging technology risks and threats facing the financial sector and recommend strategies and measures to enhance the technology and cyber resilience of Singapore’s financial sector.

Find out more about the Cyber and Technology Resilience Experts Panel .

Schemes and Initiatives

Cyber Risk Management Project

MAS is supporting the Cyber Risk Management Project led by NTU's Insurance Risk and Finance Research Centre to tackle demand and supply challenges confronting the cyber insurance marketplace.

What's New

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