MAS Launches New S$30 Million grant to strengthen the cyber resilience of the financial sector

The Monetary Authority of Singapore has recently announced a grant of S$30 Million in order to strengthen the existing cybersecurity infrastructure and also to help with developing local talent.

This grant is funded under the Financial Sector Technology & innovation scheme (FSTI), to support the advancement  in the cybersecurity functions, in Singapore-based Financial Institutions.

This grant will help to co-fund upto 50% of the qualifying expenses, which is capped under S$3 Million,  for:

• Financial Institutions to establish their global or regional cybersecurity centers of excellence in Singapore, and
• Financial Institutions with key global or regional cybersecurity functions and operations in Singapore to expand and deepen their capabilities locally.

This grant will also help fund the development of local cybersecurity talent by the way of cybersecurity programme.

Examples of cybersecurity functions that could qualify for the Cybersecurity Capabilities Grant are security operations, cyber threat surveillance and intelligence gathering, computer forensics, malware research and analysis, and cyber threat hunting

Applications for the grant are now open for financial institutions. Interested financial institutions can write to fsdf@mas.gov.sg for more information.

Date: 03rd December 2018

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