In its fifth annual meeting on 26-27 October 2021, the Cyber Security Advisory Panel (CSAP) of the Monetary Authority of Singapore (MAS) proposed measures to strengthen the cyber defences of MAS and financial institutions (FIs).  Formed in2017, the CSAP is comprised of global cybersecurity experts and advises MAS and FIs on best cybersecurity practices to protect Singapore’s financial system against ever-evolving cyber threats.

The CSAP encouraged the application of a zero-trust model, whereby security against cyberattacks is maintained through stringent access and management controls based on a lack of trust of all users, whether internal or external to the organisation.  

In particular, the CSAP recommended the adoption of the following cyber defence measures:

• implementing cybersecurity standards across the IT supply chain and IT system life cycle, including robust monitoring for quick detection of suspicious activities;
• complementing multi-factor authentication with transaction notifications and data analytics;
• using data storage technologies which are impervious to ransomware attacks; and
• enhancing the security of blockchains and digital currencies by improving cybersecurity awareness and training among developers and increasing the availability of cybersecurity implementation tools.  

Key Takeaway

With the increasing sophistication of cyberattacks, FIs have a responsibility to ensure that Singapore’s financial system is protected, particularly when incorporating emerging technologies into their service offerings.  That said, all persons should be mindful of mitigating their own cyber risks and adopting best cybersecurity practices when using technology in their professional and personal activities.

For More Information

OrionW regularly advises clients on financial technology matters.  For more information about protecting your organisation against cyber threats, or if you have questions about this article, please contact us at fintech@orionw.com.

Disclaimer: This article is for general information only and does not constitute legal advice.