The Monetary Authority of Singapore (MAS)’s Cyber Security Advisory Panel (CSAP) convened on 30th September to discuss the latest cyber-security challenges and strategies related to the financial industry in Singapore.
The CSAP comprises of leading cyber security experts and thought leaders. The panel advises on strategies for MAS and financial institutions in Singapore to sustain cyber resilience and trust in our financial system. Chaired by MAS Managing Director Ravi Menon, CSAP members highlighted the need to strengthen the cyber risk culture in financial institutions, enhance cyber monitoring and surveillance capabilities, and better manage cyber-security risks in IT supply chains.
The key observations outline in the CSAP meeting are:
- Strengthen Cyber Risk Culture: One of the contributing factors highlighted during cyber incidents is poor risk culture. CSAP members stressed the need for setting clear expectations for cyber risk culture and monitoring how the risk management culture is operating in the organization
- Strengthen cyber monitoring and surveillance: CSAP members encouraged MAS to continue working with the industry to strengthen cyber monitoring and surveillance capabilities in the financial sector and deepen cyber intelligence-sharing networks with both global and local partners.
- Effective Management of IT Supply Chain Cyber Risks: It was noted that IT supply chains were increasingly being targeted by cyber criminals. CSAP members recommended that financial institutions should have an effective multi-layered defence in place with measures – such as source code reviews, system integrity checks, and network anomaly detection – to mitigate such risks.
MAS’ Cyber Security Advisory Panel (CSAP) was formed in 2017.
It was established:
- To provide MAS with a global perspective on the evolving technology and cyber threat landscape, and its implications for financial services.
- As a platform to share best practices on cyber security strategies and approaches.
- To recommend measures to enhance the cyber resilience of Singapore’s financial sector.
- To be the sounding board on cyber initiatives that MAS intends to pursue.
Date: 1 Oct 2019
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