MAS Conducts Exercise to Strengthen Resilience Against Cyber Threats
MAS and the Association of Banks in Singapore (ABS) jointly conducted a two-day cyber-themed business continuity exercise to strengthen the financial sector resilience to cyber-attacks and operational disruptions. This was the sixth edition of the exercise, which is code-named as Exercise Raffles. As part of this exercise, financial institutions responded to scenarios of cyber-attacks and operational disruptions by activating their business continuity and crisis management plans and by practicing their public communications and coordination. The scenarios included banking and payment service disruptions, trading disorders, data theft, and spreading of rumors and falsehoods on social media. HKMA and Financial Services Information Sharing and Analysis Center (FS-ISAC) were the first time participants in this exercise.
Exercise Raffles involved over 140 organizations, including banks, insurers, capital market services licensees, financial utility providers, finance companies, industry associations, and the Singapore Exchange. The exercise was supported by the Cyber Security Agency of Singapore (CSA) and financial industry partners that included SWIFT, FIS Global, and Merimen Technologies (Singapore) Pte Ltd. This exercise brought together the public and private sectors to test the response capabilities and develop comprehensive plans to improve cyber preparedness. Among the many learning points from the exercise was "the need for better coordination to manage the implications of operational disruptions in one financial institution on others within and beyond the financial sector," said Mr. Tan Yeow Seng, the Chief Cyber Security Officer of MAS.
Keywords: Asia Pacific, Singapore, Banking, Insurance, Securities, Business Continuity, Cyber Risk, Operational Risk, Exercise Raffles, MAS
Related Articles
EBA Analyzes Impact of Unwind Mechanism of Liquidity Coverage Ratio
EBA published a report analyzing the impact of the unwind mechanism of the liquidity coverage ratio (LCR) for a sample of European banks over a three-year period, from the end of 2016 to the first quarter of 2020.
ECB Outlines Views on Possible Changes to AnaCredit Rule and TLTROs
In response to questions from a member of the European Parliament, the ECB President Christine Lagarde issued a letter clarifying the possibility of amending the AnaCredit Regulation and making targeted longer-term refinancing operations (TLTROs) dependent on the climate-related impact of bank loans.
IASB Begins First Phase of Post-Implementation Review of IFRS 9
IASB started the post-implementation review of the classification and measurement requirements in IFRS 9 on financial instruments and added the review as a project to its work plan.
FSB Report Examines Progress in Resolvability of Systemic Institutions
FSB published a report that examines progress in implementing policy measures to enhance the resolvability of systemically important financial institutions.
EBA Benchmarks National Insolvency Frameworks Across EU
EBA published a report on the benchmarking of national loan enforcement frameworks across 27 EU member states, in response to the call for advice from EC.
FSB Reports Assess Impact of Pandemic on Financial Stability
FSB published a letter from its Chair Randal K. Quarles, along with two reports exploring various aspects of the market turmoil resulting from the COVID-19 event.
RBNZ Consults on Implementation of Capital Review Changes
RBNZ launched a consultation on the details for implementing the final Capital Review decisions announced in December 2019.
IASB Announces Andreas Barckow as the New Chair from July 2021
The Trustees of the IFRS Foundation, which are responsible for the governance and oversight of IASB, have announced the appointment of Dr. Andreas Barckow as the IASB Chair, effective July 2021.
HKMA Consults on Capital Rules for Bank Equity Investments in Funds
HKMA issued a letter to consult the banking industry on a full set of proposed draft amendments to the Banking (Capital) Rules for implementing the Basel standard on capital requirements for banks’ equity investments in funds in Hong Kong.
ESRB Supports Extension of Macro-Prudential Measure by Swedish FSA
ESRB published an opinion assessing the decision of Swedish Financial Supervisory Authority (FSA) to extend the application period of a stricter measure for residential mortgage lending, in accordance with Article 458 of the Capital Requirements Regulation (CRR).
