A Monetary Authority of Singapore panel calls for financial institutions to review cybersecurity controls

The Cyber Security Advisory Panel (CSAP) of the Monetary Authority of Singapore (MAS) has stressed that financial institutions need to review their security controls.

This call comes from a rise in technology-related risks arising from remote working and safe management measures due to the Coivid-19 pandemic.

During its discussions, the panel explored the risks and vulnerabilities arising from the rapid adoption of remote access technologies and work processes that could affect financial institution’s cyber risk profiles. A result of this was a realisation for financial institutions to assess if their existing risk profiles have changed to remain acceptable and can mitigate new threats.

With the reliance on third-party vendors increasing, the panel also emphasised the need for financial institutions to strengthen their oversight of these counterparts and monitor secure remote access to the systems.

Finally, the panel stated financial institutions should established policies and procedures around the use of open-source software and ensure these systems are tested before deployed onto a financial institution’s environment.

MAS managing director Ravi Menon said, “Singapore’s financial sector has done well so far in its cyber and operational resilience amid the new operating environment created by the pandemic. But as the situation prolongs, that resilience will come under greater stress as cyber attackers look for new vulnerabilities.

“Financial institutions must remain alert and nimble and strengthen their defences against emerging cyber threats. CSAP members have provided useful recommendations on maintaining cyber security against the backdrop of growing reliance on remote working arrangements and cloud service providers.”

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