FIs need to review the adequacy of their cyber risk mitigating measures and controls, including in relation to third-party vendors and open-source software.
The MAS (Monetary Authority of Singapore) Cyber Security Advisory Panel (CSAP) has issued a set of recommendations for FIs to bolster their security controls amid the new operating environment that has emerged in the wake of Covid-19.
Formed in 2017, CSAP comprises leading cyber security experts and thought leaders, and advises MAS and FIs on strategies to sustain cyber resilience and trust in Singapore’s financial system.
At its fourth annual meeting with MAS management on Thursday (5 November), CSAP said FIs need to review their risk profiles and the adequacy of the risk mitigating measures, in light of the rapid adoption of remote access technologies and work processes that could affect their cyber risk profiles and present elevated technology-related risks.
According to CSAP, FIs need to assess whether their risk profiles have changed and remain acceptable, to ensure that in the long run appropriate controls are implemented to mitigate any new risks.
CSAP also recommended that FIs maintain oversight of…
