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.
The United States Department of the Treasury and MAS announced the finalisation of a bilateral Memorandum of Understanding on Cybersecurity Cooperation.
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:
- Start date:
- 21 July 2020
- Closing date:
- 20 August 2020
- MAS response date:
- 14 February 2022
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.