SINGAPORE – The rise of remote working amid the Covid-19 pandemic has in turn heightened technology-related risks, making it crucial for financial institutions to review their security controls said the Monetary Authority of Singapore (MAS).
Among the recommendations by the MAS Cyber Security Advisory Panel (CSAP) were for financial institutions to review their risk profiles and adequacy of risk mitigating measures, to maintain oversight of third-party vendors and to strengthen governance of the use of open-source software.
These were presented at a meeting with MAS management meeting on Nov 5.
“Singapore’s financial sector has done well so far in its cyber and operational resilience amid the new operating environment created by the pandemic,” said MAS managing director Ravi Menon.
“But as the situation prolongs, that resilience will come under greater stress as cyber attackers look for new vulnerabilities. Financial institutions must remain alert and nimble and strengthen their defences against emerging cyber threats,” he added.
Financial institutions that have adopted remote access technologies have to assess if their cyber risk profiles remain acceptable, and…
