Notices on Cyber Hygiene
View the requirements relating to cyber security 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.
This consultation seeks views on the harmonised and expanded power to issue prohibition orders, the regulation of virtual asset service providers created in Singapore for anti-money laundering and countering of financing of terrorism purposes, the harmonised power to impose requirements on technology risk management, and the provision of statutory protection from liability to mediators, adjudicators and employees of an operator of an approved dispute resolution scheme.
MAS and the Banque De France (BDF) announced that they will deepen financial linkages and foster closer cooperation in key areas. BDF will open an Asian office in Singapore in early 2020. The Autorité de contrôle prudentiel et de résolution (ACPR), BDF and MAS will sign a Memorandum of Understanding (MOU) to enhance cooperation in cybersecurity.
Mr Benny Chey, Assistant Managing Director, MAS highlighted the role of cyber insurance in building cyber resilience, as well as the research and risk management solutions that addresses the challenges impeding cyber insurance purchase in the maritime sector.
Mr Vincent Loy, Assistant Managing Director (Technology), MAS, spoke on steps MAS has taken over the years to manage technology and cyber risk to build collective cyber resilience across the sector and with financial regulators.
MAS’ 3rd Cyber Security Advisory Panel (CSAP) meeting discussed the latest cybersecurity challenges and strategies related to the financial industry in Singapore. CSAP members highlighted the need to strengthen the cyber risk culture in financial institutions and better manage cybersecurity risks in IT supply chains.