Thu, Sep 06, 2018 – 1:00 PM
THE Monetary Authority of Singapore (MAS) has moved to tighten the rules on cyber security for financial institutions (FIs) in Singapore by proposing to make legally binding a set of six essential cyber security measures to protect their IT systems.
The measures are already part of its existing MAS Technology Risk Management Guidelines, but the financial regulator is proposing to raise them into legally binding requirements.
The move comes as more financial processes are being done digitally, and in the face of increasing cyber attacks .
The six measures are:
– addressing system security flaws in a timely manner
– establishing and implementing robust security for systems
– deploying security devices to secure system connections
– installing anti-virus software to mitigate the risk of malware infection
– restricting the use of system administrator accounts that can modify system configurations, and
– strengthening user authentication for system administrator accounts on critical systems.
The move is aimed at countering cyber breaches, which are often the result of insecure system configurations or compromised system accounts, said MAS in a press…
