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
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