Featured Product

    MAS Held Meeting of Cyber Security Advisory Panel to Tackle Cyber Risk

    September 30, 2019

    The Cyber Security Advisory Panel (CSAP) of MAS met to discuss the latest cyber-security challenges and strategies related to the financial industry in Singapore. During the discussions chaired by the MAS Managing Director Ravi Menon, CSAP members highlighted the need to strengthen the cyber risk culture in financial institutions, enhance cyber monitoring and surveillance capabilities, and better manage cyber-security risks in IT supply chains.

    The CSAP members at the meeting discussed ways to strengthen cyber risk culture. The members highlighted that the board and senior management of financial institutions should set clear expectations for cyber risk culture and monitor and assess how well the desired risk management culture is operating across the organization. CSAP members encouraged MAS to continue working with the industry to strengthen cyber monitoring and surveillance capabilities in the financial sector and deepen cyber intelligence-sharing networks with both global and local partners. Finally, IT supply chains were identified as a weakness, as these supply chains are increasingly being targeted and exploited by cyber criminals. CSAP members recommended that financial institutions should have in place an effective multi-layered defense with measures, such as source code reviews, system integrity checks, and network anomaly detection, to mitigate these risks.

    The CSAP comprises leading international cyber-security experts who provide MAS with global perspectives on evolving cyber threats and the latest insights on strategies to address cyber risk. As part of the two-day program this year, CSAP members will meet the Minister in-charge of cyber-security, Mr S Iswaran, and participate in a half-day dialog with CEOs of key financial institutions in Singapore.

    Keywords: Asia Pacific, Singapore, Banking, Fintech, Regtech, Cyber Risk, Risk Culture, Cyber Security, CSAP, MAS

    Related Articles
    News

    EBA Updates Filing Rules for Supervisory Reporting

    The European Banking Authority (EBA) published version 5.1 of the filing rules for supervisory reporting.

    October 19, 2021 WebPage Regulatory News
    News

    ECB Amends Guideline on Procedures for Collection of AnaCredit Data

    The European Central Bank (ECB) Guideline 2021/1829 on the procedures for the collection of granular credit and credit risk data has been published in the Official Journal of European Union.

    October 19, 2021 WebPage Regulatory News
    News

    ECB Amends Guideline on Procedures for Collection of AnaCredit Data

    The European Central Bank (ECB) Guideline 2021/1829 on the procedures for the collection of granular credit and credit risk data has been published in the Official Journal of European Union.

    October 19, 2021 WebPage Regulatory News
    News

    EBA Publishes Standards on Disclosure of Investment Policy Under IFR

    The European Banking Authority (EBA) published the final draft regulatory technical standards on disclosure of investment policy by investment firms, under the Investment Firms Regulation (IFR).

    October 19, 2021 WebPage Regulatory News
    News

    APRA Finalizes Guidance for New Prudential Standard on Remuneration

    The Australian Prudential Regulation Authority (APRA) published the prudential practice guide CPG 511 to assist banks, insurers, and superannuation licensees in meeting requirements of CPS 511, the new prudential standard on remuneration.

    October 18, 2021 WebPage Regulatory News
    News

    OCC Updated LIBOR Self-Assessment Tool for Banks

    The Office of the Comptroller of the Currency (OCC) published a bulletin that provides an updated self-assessment tool for banks to evaluate their preparedness for cessation of the London Interbank Offered Rate (LIBOR).

    October 18, 2021 WebPage Regulatory News
    News

    TCFD Updates Guidance for Financial Disclosures on Climate Risk

    The Financial Stability Board (FSB) published a report that examines the progress made toward disclosures aligned with recommendations of the Task Force on Climate-related Financial Disclosures (TCFD).

    October 14, 2021 WebPage Regulatory News
    News

    BCBS Report Examines Progress on Adoption of Basel III Framework

    The Basel Committee on Banking Supervision (BCBS) published the progress report on adoption of the Basel III regulatory framework in member jurisdictions.

    October 14, 2021 WebPage Regulatory News
    News

    ACPR Implements Updates Related to DPM Version 3.1

    The French Prudential Supervisory Authority (ACPR) has implemented, in its information system, updates linked to the Data Point Model (DPM) version 3.1.

    October 14, 2021 WebPage Regulatory News
    News

    EBA Note Examines Transition Risks of Benchmark Rates

    The European Banking Authority (EBA) published a thematic note that aims to identify and raise awareness of the transition risks of benchmark rates, as the London Interbank Offered Rate (LIBOR) and the Euro Overnight Index Average (EONIA) are close to being phased out.

    October 14, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 7571