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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.