Notices on Technology Risk Management
View the requirements relating to technology risk management for the different types of financial institutions.
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
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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"Singapore - Becoming an ILS Domicile for Asia" - Opening Speech by Ms Gillian Tan, Executive Director, Monetary Authority of Singapore, at Artemis ILS Asia 2019 on 11 July 2019
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.
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Singapore and UK to Enhance Cooperation in Data Connectivity, Talent Development, Green Finance and Cybersecurity
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.
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Monetary Authority of Singapore and UK financial authorities announce collaboration on cyber security
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.
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MAS Consults on Proposed Enhancements to Technology Risk and Business Continuity Management Guidelines
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.
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"Building Resilience against Cyber Catastrophes" - Speech by Ms Elean Chin, Division Head, Monetary Authority of Singapore, at the Cyber Risk Management Project's Scenario Project Launch on 29 January 2019
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.