MAS Consults on Measures to Strengthen Cyber Resilience of FIs
MAS issued for consultation the proposed requirements for financial institutions (FIs) in Singapore to implement essential cyber security measures to protect their IT systems. These requirements will help FIs to strengthen their cyber resilience and guard against cyber attacks. The public consultation ends on October 05, 2018.
These measures, which are already part of the existing MAS Technology Risk Management Guidelines, are aimed at enhancing the security of FIs’ systems and networks as well as mitigating the risk of unauthorized use of system accounts with extensive access privileges. MAS is proposing to stipulate these measures as a baseline hygiene standard for cyber security by elevating them into legally binding requirements. FIs will be required to implement the following six cyber security measures:
- Address system security flaws in a timely manner
- Establish and implement robust security for systems
- Deploy security devices to secure system connections
- Install anti-virus software to mitigate the risk of malware infection
- Restrict the use of system administrator accounts that can modify system configurations
- Strengthen user authentication for system administrator accounts on critical systems
Comment Due Date: October 05, 2018
Keywords: Asia Pacific, Singapore, Banking, Insurance, Securities, Regtech, Cyber Resilience, Cyber Risk, MAS
Previous ArticleCBIRC Notice on Regulating Structured Deposit Business of Banks
FINMA Approves Merger of Credit Suisse and UBS
The Swiss Financial Market Supervisory Authority (FINMA) has approved the takeover of Credit Suisse by UBS.
BOE Sets Out Its Thinking on Regulatory Capital and Climate Risks
The Bank of England (BOE) published a working paper that aims to understand the climate-related disclosures of UK financial institutions.
OSFI Finalizes on Climate Risk Guideline, Issues Other Updates
The Office of the Superintendent of Financial Institutions (OSFI) is seeking comments, until May 31, 2023, on the draft guideline on culture and behavior risk, with final guideline expected by the end of 2023.
APRA Assesses Macro-Prudential Policy Settings, Issues Other Updates
The Australian Prudential Regulation Authority (APRA) published an information paper that assesses its macro-prudential policy settings aimed at promoting stability at a systemic level.
BIS Paper Examines Impact of Greenhouse Gas Emissions on Lending
BIS issued a paper that investigates the effect of the greenhouse gas, or GHG, emissions of firms on bank loans using bank–firm matched data of Japanese listed firms from 2006 to 2018.
HMT Mulls Alignment of Ring-Fencing and Resolution Regimes for Banks
The HM Treasury (HMT) is seeking evidence, until May 07, 2023, on practicalities of aligning the ring-fencing and the banking resolution regimes for banks.
MFSA Sets Out Supervisory Priorities, Issues Reporting Updates
The Malta Financial Services Authority (MFSA) outlined its supervisory priorities for 2023
German Regulators Issue Multiple Reporting Updates for Banks
Deutsche Bundesbank published the nationally deactivated validation rules for the German Commercial Code (HGB) users on the taxonomy 3.2, which became valid from December 31, 2022
BCBS Report Examines Impact of Basel III Framework for Banks
The Basel Committee on Banking Supervision (BCBS) published results of the Basel III monitoring exercise based on the June 30, 2022 data.
PRA Consults on Prudential Rules for "Simpler-Regime" Firms
Among the recent regulatory updates from UK authorities, a key development is the first-phase consultation, from the Prudential Regulation Authority (PRA), on simplifications to the prudential framework that would apply to the simpler-regime firms.