The Monetary Authority of Singapore (MAS)’s Cyber Security Advisory Panel (CSAP) has released its observations and recommendations on the cybersecurity challenges faced by Singapore’s financial industry and the strategies on tackling them.
The panel, which met on September 30 with MAS managing director Ravi Menon chairing the discussions, highlighted the need to strengthen the cyber risk culture in financial institutions, enhance cyber monitoring and surveillance capabilities, and better manage cybersecurity risks in IT supply chains.
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According to a statement from the MAS, the CSAP offered the following observations and recommendations:
- Strengthen cyber risk culture – Poor risk culture was often cited as a contributing factor during cyber incidents. The meeting discussed ways to strengthen cyber risk culture. CSAP members highlighted that the board and senior management of financial institutions should set clear expectations for cyber risk culture and monitor and assess how well the desired risk…
