Singapore tightens cyber defence guidelines for financial services sector
Revised guidelines on technology risk management include instructions for financial institutions to exercise strong oversight of arrangements with third-party service providers to ensure data confidentiality and details of the responsibility of senior management.
January 18, 2021 08:54 GMT (00:54 PST) | Topic: Security
Singapore has revised its current set of guidelines on technology risk management for financial institutions to include, amongst others, strong oversight of their partnerships with third-party service providers to ensure data confidentiality. The updated list also comprises updated guidance on security controls and stress tests as well as the appointment of third-party vendors and senior IT executives.
Singapore tightens finance sector cybersecurity in wake of recent attacks
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Cyberattacks targetting financial institutions have been on the rise globally
As one of the most cyber-ready regions in Asia, the Monetary Authority of Singapore has revised its technology risk management guide for financial institutions
Singapore’s financial regulator (MAS) has once again revised its technology risk management guide for financial institutions, to also protect data confidentiality and enforce “strong oversight” of partnerships with third-party service providers.
The updated changes to the MAS’ Technology Risk Management Guidelines also include new guidance on security controls and stress tests for finance systems as well as guidance on the appointment of third-party vendors and senior IT executives.
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The Monetary Authority of Singapore (MAS) has released new banking guidelines to reduce cyberattack risks for the banking and finance sector. Singapore’s financial regulator released the new Technology Risk Management Guidelines on 18 January 2021, requiring all financial institutions to assess the suppliers of their technology vendors. The new guidelines are “to keep pace with emerging technologies and shifts in the cyberthreat landscape”, MAS said.
MAS defines these guidelines as “a set of best practices that provide [financial institutions] with guidance on the oversight of technology risk management, practices, and controls to address technology and cyberrisks.” These guidelines apply to all banking, insurance, brokerage, and payment services firms operating in the country.
Monetary Authority of Singapore Enhances Guidelines To Combat Heightened Cyber Risks Date
18/01/2021
The Monetary Authority of Singapore (MAS) today issued revised Technology Risk Management Guidelines (578.7 KB) (Guidelines) to keep pace with emerging technologies and shifts in the cyber threat landscape.
2 The revised Guidelines focus on addressing technology and cyber risks in an environment of growing use by financial institutions (FIs) of cloud technologies, application programming interfaces, and rapid software development. The Guidelines reinforce the importance of incorporating security controls as part of FIs’ technology development and delivery lifecycle, as well as in the deployment of emerging technologies.
3 The recent spate of cyber attacks on supply chains, which targeted multiple IT service providers through the exploitation of widely-used network management software, is a clear indication of a worsening cyber threat environment. T