Featured Product

    MAS Emphasizes Need to Review Security Controls Amid COVID

    November 10, 2020

    The Cyber Security Advisory Panel (CSAP) of MAS held a meeting in November 2020. At the meeting, the Panel shared insights on cyber risks in the new operating environment and made several recommendations related to the risk profiles of financial institutions and third-party vendors and the use of open-source software. Meanwhile, MAS is also consulting on the requirements to strengthen the identity verification process of financial institutions, with the comment period ending on December 09, 2020. This measure is intended to address the risk of impersonation fraud arising from the theft and misuse of an individual’s personal particulars.

    The MAS Managing Director Ravi Menon, who chaired the meeting, said that the "CSAP members have provided useful recommendations on maintaining cyber security against the backdrop of growing reliance on remote working arrangements and cloud service providers." The following are the key recommendations from the CSAP meeting:

    • Reviewing risk profiles and adequacy of risk mitigating measures. The meeting highlighted the need for financial institutions to assess if their existing risk profiles have changed and remain acceptable. This is to ensure that, in the long run, appropriate controls are implemented to mitigate any new risks.  
    • Maintaining oversight of third-party vendors and their controls. With the increased reliance on third-party vendors, the Panel emphasized the need for financial institutions to step up their oversight of these counterparts and to monitor and secure remote access by third-parties to financial institutions’ systems. This is even more important during the COVID-19 pandemic where remote working has become pervasive.
    • Strengthening governance over the use of open-source software. Vulnerabilities in open-source software are typically targeted and exploited by threat actors. The Panel recommended that financial institutions establish policies and procedures on the use of open-source software and to ensure that the code is robustly reviewed and tested before deployment in the IT environment of financial institutions.

    Over two days of virtual meetings, the Panel also exchanged views with the Association of Banks in Singapore Standing Committee on Cyber Security (SCCS) and the Insurance SCCS on enhancing cloud resiliency, monitoring insider threats, and the role of cyber insurance in risk management. Participants included representatives from government agencies such as the Ministry of Communications and Information, the Ministry of Defense, and the Government Technology Agency.


    Comment Due Date: December 09, 2020

    Keywords: Asia Pacific, Singapore, Banking, Securities, Cyber Risk, CSAP, COVID-19, Fintech, Regtech, Open Source Software, Cloud Computing, Third Party Vendors, MAS 

    Related Articles

    EBA Clarifies Use of COVID-19-Impacted Data for IRB Credit Risk Models

    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.

    June 21, 2022 WebPage Regulatory News

    BIS Hub Updates Work Program for 2022, Announces New Projects

    The Bank for International Settlements (BIS) Innovation Hub updated its work program, announcing a set of projects across various centers.

    June 17, 2022 WebPage Regulatory News

    US Senate Members Seek Details on SEC Proposed Climate Disclosure Rule

    Certain members of the U.S. Senate Committee on Banking, Housing, and Urban Affairs issued a letter to the Securities and Exchange Commission (SEC)

    June 16, 2022 WebPage Regulatory News

    EIOPA Consults on Review of Securitization Framework in Solvency II

    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.

    June 16, 2022 WebPage Regulatory News

    UK Authorities Issue Regulatory and Reporting Updates for Banks

    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.

    June 15, 2022 WebPage Regulatory News

    BaFin Consults on Resolvability Requirements for Resolution Planning

    The Federal Financial Supervisory Authority of Germany (BaFin) proposed to amend the “Capital Investment Conduct And Organization Ordinance” and issued a draft circular on the minimum resolvability requirements for resolution planning.

    June 10, 2022 WebPage Regulatory News

    EBA Consults on Certain Standards and Guidelines Under CRR and BRRD

    The European Banking Authority (EBA) proposed guidelines, for the resolution authorities, on the publication of the write-down and conversion and bail-in exchange mechanic, with the comment period ending on September 07, 2022.

    June 08, 2022 WebPage Regulatory News

    OJK Publishes Regulatory Updates for Financial Sector Entities

    The Financial Services Authority of Indonesia (OJK) is strengthening cooperation with the Australian Prudential Regulation Authority (APRA) and the Japanese Financial Services Agency (JFSA)

    June 03, 2022 WebPage Regulatory News

    EU Publishes Rules on DLT and Data Governance

    The European Parliament and the Council published Regulation 2022/868 on European data governance (Data Governance Act).

    June 03, 2022 WebPage Regulatory News

    EBA Publishes Phase 2 of Reporting Framework 3.2

    The European Banking Authority (EBA) published phase 2 of its reporting framework 3.2. The technical package supports the implementation of the updated reporting framework by providing standard specifications

    June 03, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8267