Financial institutions in Singapore to strengthen their cyber resilience— Monetary Authority of Singapore consults on cyber security measures

Recently, JPMorgan Chase CEO Jamie Dimon warned that the “biggest vulnerability” for the financial system is the threat of cyber attacks. Hackers, especially those working for nation-states, have grown more sophisticated and more determined, especially as geopolitical tensions rise.

  • On September 6, 2018, the Monetary Authority of Singapore (MAS) issued a Consultation Paper on the proposed requirements for Financial Institutions (FIs) in Singapore to implement essential cybersecurity measures to protect their IT systems.
  • The proposed Notice on Cyber Hygiene will make it mandatory for FIs to implement six cybersecurity measures.
  • The prescribed measures are aimed at enhancing the security of FI systems and networks as well as mitigating the risks of unauthorized use of system accounts.

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