Singapore's central bank has issued a set of legally binding requirements for the financial sector to raise cybersecurity standards and cyber resilience.
To mitigate the growing risk of cyber threats, the Monetary Authority of Singapore (MAS) has issued a new set of legally binding rules, which apply to MAS-licensed financial institutions, including banks and stock brokerage firms.
The «Notice on Cyber Hygiene» makes key elements in the MAS Technology Risk Management (TRM) Guidelines compulsory, and firms have until August 2020 to implement them. The measures include beefing up firewalls, anti-virus software, authentication measures, validation of access to administrative accounts, and more.
The Notice was developed after a feedback gathering exercise conducted among financial institutions in September 2018. MAS said that firms generally welcomed these measures and provided suggestions on their implementation.
More Exposure to Risks
The financial sector is increasingly working with technology players, like e-wallet firms, e-payment service providers, cryptocurrency exchanges, to deliver services. In a news release posted on its website, MAS noted the growing cyber threats in the financial sector as a result of an increased digital footprint and pervasive use of the internet.
«Good cyber hygiene can go a long way in protecting financial institutions from common types of cyber incursions. These fundamental and essential measures can be implemented by all financial institutions regardless of size or system complexity,» MAS chief cybersecurity officer Tan Yeow Seng said.
