September 06, 2018

MAS issued for consultation the proposed requirements for financial institutions (FIs) in Singapore to implement essential cyber security measures to protect their IT systems. These requirements will help FIs to strengthen their cyber resilience and guard against cyber attacks. The public consultation ends on October 05, 2018.

These measures, which are already part of the existing MAS Technology Risk Management Guidelines, are aimed at enhancing the security of FIs’ systems and networks as well as mitigating the risk of unauthorized use of system accounts with extensive access privileges. MAS is proposing to stipulate these measures as a baseline hygiene standard for cyber security by elevating them into legally binding requirements. FIs will be required to implement the following six cyber security measures:

  • Address system security flaws in a timely manner
  • Establish and implement robust security for systems
  • Deploy security devices to secure system connections
  • Install anti-virus software to mitigate the risk of malware infection
  • Restrict the use of system administrator accounts that can modify system configurations
  • Strengthen user authentication for system administrator accounts on critical systems

 

Comment Due Date: October 05, 2018

Keywords: Asia Pacific, Singapore, Banking, Insurance, Securities, Regtech, Cyber Resilience, Cyber Risk, MAS

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