In a new advisory, MAS highlights the key risks and control measures FIs should consider before adopting public cloud services.
MAS (Monetary Authority of Singapore) released an advisory on Tuesday (1 June) calling on FIs to ensure that the risks associated with the use of public cloud services are adequately addressed.
The advisory is a response to the growing adoption of public cloud services in the financial sector, particularly given the accelerated pace of digital transformation during the Covid-19 pandemic.
“FIs should perform a comprehensive risk assessment as they plan for public cloud adoption and manage the risks identified appropriately,” the advisory says.
It outlines a set of risk management principles and best practice standards to guide FIs in managing the technology and cyber security risks of public cloud adoption.
In particular, the advisory recommends FIs develop a public cloud risk management strategy that takes into consideration the unique characteristics of public cloud service models being offered by service providers (i.e. IaaS, PaaS, SaaS).
“FIs should be aware that responsibilities for the administration, cyber security, and…
