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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.