Featured Product

    MAS Conducts Exercise to Strengthen Resilience Against Cyber Threats

    November 22, 2019

    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

    Related Articles
    News

    BoE Clarifies Approach to Treatment of Payment Holidays on Form PL

    BoE published a statistical notice (Notice 2020/9) explaining the approach for treatment of payment holidays on the profit and loss return or Form PL.

    August 11, 2020 WebPage Regulatory News
    News

    BoE Provides Reporting Update on Form AS and Form FV

    BoE updated the known issues document for the statistical reporting Forms AS and FV.

    August 10, 2020 WebPage Regulatory News
    News

    FED Announces Capital Requirements for Large Banks

    FED announced individual capital requirements for 34 large banks and these requirements go into effect on October 01, 2020.

    August 10, 2020 WebPage Regulatory News
    News

    SRB Publishes Guidance on Implementation of Bail-In Tool

    SRB published a set of documents to give operational guidance to banks on implementation of the bail-in tool.

    August 10, 2020 WebPage Regulatory News
    News

    BIS Publishes Update on G20 TechSprint Initiative

    BIS published an update on the G20 TechSprint Initiative, which was launched in April 2020 and aims to highlight the potential for technologies to resolve regulatory compliance (regtech) and supervisory (suptech) challenges.

    August 10, 2020 WebPage Regulatory News
    News

    OSFI Provides Update on Implementation of IFRS 17 in Canada

    OSFI published a letter that provides an update on the milestones for the implementation of the IFRS 17 standard on insurance contracts.

    August 07, 2020 WebPage Regulatory News
    News

    EBA Provides Clarity on Implementation of Guidance on COVID Reporting

    EBA updated the report on the implementation of selected COVID-19 policies.

    August 07, 2020 WebPage Regulatory News
    News

    FSI Note Discusses Challenges Associated with COVID Relief Measures

    The Financial Stability Institute (FSI) of BIS published a brief note that examines the supervisory challenges associated with certain temporary regulatory relief measures introduced by BCBS and prudential authorities in response to the COVID-19 pandemic.

    August 06, 2020 WebPage Regulatory News
    News

    BCBS Consults on Principles for Operational Risk and Resilience

    BCBS is consulting on the principles for operational resilience and the revisions to the principles for sound management of operational risk for banks.

    August 06, 2020 WebPage Regulatory News
    News

    BoE Updates Template and Definitions for Form ER

    BoE updated the reporting template for Form ER as well as the Form ER definitions, which contain guidance on the methodology to be used in calculating annualized interest rates.

    August 05, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5649