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Singapore tightens cyber defence guidelines for financial services sector

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 , Yeow-seng , Technology-risk-management-guidelines , Monetary-authority-of-singapore , Monetary-authority , Tan-yeow-seng , சிங்கப்பூர் , தொழில்நுட்பம்-ஆபத்து-மேலாண்மை-வழிகாட்டுதல்கள் , பண-அதிகாரம்-ஆஃப்-சிங்கப்பூர் , பண-அதிகாரம் ,

Monetary Authority of Singapore tightens finance sector cybersecurity

Singapore tightens finance sector cybersecurity in wake of recent attacks
By
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.

Australia , Malaysia , New-zealand , Singapore , Malaysian , Mark-jones , Yeow-seng , Technology-risk-management-guidelines , Monetary-authority-of-singapore , Cisco-systems , Microsoft , Monetary-authority

Singapore financial firms face stricter cybersecurity rules

GwenGoat / Getty Images
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.

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MAS announces new banking rules for Singapore after SolarWinds cyber attack exposes firms around the world

All financial institutions are now required to assess the suppliers of their technology vendors.. Read more at straitstimes.com.

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Monetary Authority of Singapore Enhances Guidelines To Combat Heightened Cyber Risks

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. The revised Guidelines set out the following enhanced risk mitigation strategies for FIs –

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MAS - Monetary Authority of Singapore (via Public) / MAS Enhances Guidelines to Combat Heightened Cyber Risks

01/18/2021 | Press release | Distributed by Public on 01/18/2021 00:20
MAS Enhances Guidelines to Combat Heightened Cyber Risks
Singapore, 18 January 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.

Singapore , Yeow-seng , Technology-risk-management-guidelines , Monetary-authority-of-singapore , Cyber-security-advisory-panel , Monetary-authority , Chief-information-officer , Chief-information-security-officer , Tan-yeow-seng , Chief-cybersecurity-officer , Mas-monetary-authority-of-singapore-via-public-enhances-guidelines-to-combat-heightened-cyber-risks , சிங்கப்பூர்