The Singapore regulator convenes a forum reinforcing financial sector practices related to public cloud service use.
The Monetary Authority of Singapore (MAS) published a statement on its website Wednesday stating it had an inaugural cloud resilience forum for the financial sector.
The forum, which will be held twice a year from now on, was attended by more than 20 participants, including regional financial regulators representatives from Australia, Hong Kong, Indonesia, Japan, Korea, Malaysia, the Philippines, and Thailand as well as experts from Amazon Web Services, Google Cloud and Microsoft Azure.
At the forum, many participants relayed a growing realization that financial institutions were increasingly hosting critical systems on public cloud services and that many participants subsequently stressed the need to maintain high levels of operational resilience.
Greater Information Sharing
As part of this, the participants saw a need for greater information sharing between regulators and cloud providers related to technology and risk management practices in order to address potential issues from using public clouds.
«This Forum will serve as a useful platform for financial regulators in the Asia Pacific and major CSPs to pursue meaningful initiatives to engender a more resilient and secure adoption of cloud services for the financial sector,» indicated Vincent Loy, the chair of the forum, and assistant managing director of technology at the MAS.
