The Monetary Authority of Singapore (MAS) updates its technology risk management guide for financial institutions in the as cyberthreats loom large. Source: AFP
- Cyberattacks targetting financial institutions have been on the rise globally
- As one of the most cyber-ready regions in Asia, the Monetary Authority of Singapore has revised its technology risk management guide for financial institutions
Singapore’s financial regulator (MAS) has once again revised its technology risk management guide for financial institutions, to also protect data confidentiality and enforce “strong oversight” of partnerships with third-party service providers.
The updated changes to the MAS’ Technology Risk Management Guidelines also include new guidance on security controls and stress tests for finance systems as well as guidance on the appointment of third-party vendors and senior IT executives.
The Monetary Authority of Singapore said in a statement last week that the new revisions on top of the previous recommended guidelines are intended to help businesses and financial institutes on the island to keep pace with the ever-evolving technologies as well shifts in the current cybersecurity…
