Singapore’s attempt to strengthen its cybersecurity regulation is being supported by market participants through responses to a recent consultation paper, according to an internet security association, but lawyers point out that such a discussion is only necessary as many firms continue to rely on lagging in-house cybersecurity practices.
“The discussion paper was quite timely, it is important that a lot – not just financial institutions – any organization established in Singapore that is looking to leverage on technology, they do need to be concerned about technology risk and governance. Quite frankly, it’s a bit sad to see, but sometimes it is very easy for companies to fall back on established practices,” says Rakesh Kirpalani, director of dispute resolution/information technology at Singapore law firm Drew Napier.
The Monetary Authority of Singapore (MAS) launched the consultation paper on its current technology risk and business continuity management guidelines in March, and has proposed enhancing the rules to require firms to strengthen operational resilience.
MAS expects the paper to provide “effective cyber surveillance, secure…
