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
The MAS Cyber Security Advisory Panel (CSAP), formed in 2017, comprises leading cyber security experts and thought leaders. The panel advises on strategies for MAS and financial institutions in Singapore to sustain cyber resilience and trust in our financial system.
Find out more about the Cyber Security Advisory Panel.
What's New
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MAS and Mastercard Sign MoU to Enhance Cooperation in Cybersecurity
MAS and Mastercard signed an MoU to enhance cooperation in cybersecurity, with the aim to strengthen cyber resilience in the financial services sector in Singapore.
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The United States Department of the Treasury and the Monetary Authority of Singapore Finalise a Memorandum of Understanding on Cybersecurity Cooperation
The United States Department of the Treasury and MAS announced the finalisation of a bilateral Memorandum of Understanding on Cybersecurity Cooperation.
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Consultation Paper on the New Omnibus Act for the 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.
- Consultation number:
- P002-2020
- Start date:
- 21 July 2020
- Closing date:
- 20 August 2020
- MAS response date:
- 14 February 2022
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Banque de France and Monetary Authority of Singapore Strengthen Financial Cooperation
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.
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Speech by Mr Benny Chey, Assistant Managing Director, Monetary Authority of Singapore at the Launch of Cyber Risk Management Projects Shen Scenario Report on 30 October 2019
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.