The Monetary Authority of Singapore has taken measures to make financial institutions stronger in the cybersecurity department. The requirements are set and the clock is ticking. Will they be able to make the necessary changes by August 2020?
The aim of these new regulations is to mitigate the risks of cybersecurity threats. Among the rest of the requirements are the following:
– Applying updates in a timely manner
– Implementing robust IT system security
– Restricting unauthorised network traffic
– Mitigating the risks related to malware infection
Since the new regulations come into effect on the 6th of August the following year, there’s plenty of time to implement the changes.
In the event of a breach, everything would be evaluated on a case-per-case basis. In other words, MAS would look at the measures implemented prior to the breach and compare them to the requirements.
Tan Yeow Seng, chief cybersecurity at MAS, warns us that cybersecurity threats in the financial sector are on the rise. This is due to the ever-increasing usage of the internet as well as its increased digital footprint. To respond, the financial sector needs to remain vigilant.
Promoting good cyber hygiene, he went on to say that this is what can help protect financial institutions from common types of cyber incursions. The good news is that, no matter the size of the size or complexity of the system, all financial institutions can implement the essential and mandatory measures to bolster their defences.