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