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
The European Banking Authority (EBA) published four draft principles to support supervisory efforts in assessing the representativeness of COVID-19-impacted data for banks using the internal ratings based (IRB) credit risk models.
The European Council and the European Parliament (EP) reached a provisional political agreement on the Corporate Sustainability Reporting Directive (CSRD).
The Prudential Regulation Authority (PRA) launched a consultation (CP6/22) that sets out proposal for a new Supervisory Statement on expectations for management of model risk by banks.
The European Commission (EC) published the Delegated Regulation 2022/954, which amends regulatory technical standards on specification of the calculation of specific and general credit risk adjustments.
The Bank for International Settlements (BIS) Innovation Hub updated its work program, announcing a set of projects across various centers.
The European Insurance and Occupational Pensions Authority (EIOPA) published two consultation papers—one on the supervisory statement on exclusions related to systemic events and the other on the supervisory statement on the management of non-affirmative cyber exposures.
Certain members of the U.S. Senate Committee on Banking, Housing, and Urban Affairs issued a letter to the Securities and Exchange Commission (SEC)
The European Insurance and Occupational Pensions Authority (EIOPA) published a consultation paper on the advice on the review of the securitization prudential framework in Solvency II.
The Prudential Regulation Authority (PRA) issued a statement on PRA buffer adjustment while the Bank of England (BoE) published a notice on the statistical reporting requirements for banks.
The Basel Committee on Banking Supervision (BCBS) issued principles for the effective management and supervision of climate-related financial risks.