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
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