The Monetary Authority of Singapore (MAS) has launched new plans for cybersecurity regulations to help strengthen its financial sectors safety.
The “Notice on Cyber Hygiene” is a legally binding requirement that sets out the measures financial institutions in Singapore must follow to mitigate the growing risk of cyber threats.
Tan Yeow Seng, chief cyber security officer, MAS, said: “Cyber threats in the financial sector are growing as a result of an increased digital footprint and pervasive use of the Internet.
“The financial sector needs to remain vigilant and ensure that defences are able to counter varied and evolving threats.”
It features key elements in the existing MAS technology risk management (TRM) guidelines – a set of guidelines setup by the organisation to provide guidance on the oversight of technology risk management, security practices and controls to address technology risks.
MAS explained it “expects” financial institutions to observe and follow the new guidelines as this will be taken into account in MAS’ risk assessment of the financial institutions.
Mandatory features include:
- establish and implement robust security for IT systems
- ensure updates are applied to address system security flaws in a timely manner
- deploy security devices to restrict unauthorised network traffic
- implement measures to mitigate the risk of malware infection
- secure the use of system accounts with special privileges to prevent unauthorised access
- strengthen user authentication for critical systems as well as the systems used to access customer information.
MAS currently has 160 firms licensed under it and has initially proposed a 12 month implementation stage, with the requirements coming into effect on 6 August 2020.
“Good cyber hygiene can go a long way in protecting financial institutions from common types of cyber incursions,” Tan Yeow Seng continued.
“These fundamental and essential measures can be implemented by all financial institutions regardless of size or system complexity.”
MAS has seriously pushed its fintech sector this year, securing partnerships from countries all over the globe including the UK, China and Kenya.
