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
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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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
- Status:
- Responded
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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.
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“Building cyber resilience across the financial sector” - Opening speech by Mr Vincent Loy, Assistant Managing Director (Technology), Monetary Authority of Singapore, at the 3rd Cyber Security Advisory Panel Meeting, on 30 September 2019
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.