MAS proposes four ways financial services can keep their data secure

MAS is paying close attention to rising cases of ransomware and cybersecurity attacks.

The Monetary Authority of Singapore (MAS), through its Cybersecurity Advisory Panel (CSAP) proposed four additional ways for financial services such as online banks, blockchains, and IT supply chains, can keep their data secure.

“MAS is paying close attention to the rising occurrences and severity of ransomware and IT supply chain attacks globally. These attacks have led to massive financial losses and disruptions of essential services. Our Cyber Security Advisory Panel has provided us rich insights on how the financial industry can deal with these threats. MAS and the industry will maintain a cooperative, proactive and agile posture to manage the rapidly changing cyber risk landscape,” said MAS Managing Director Ravi Menon in a press statement.

First, for IT supply chains, the panel cited the need for a concerted effort to drive cybersecurity standards adoption across supply chains, while incorporating security considerations throughout the system’s life cycle. Effective system monitoring and regular log reviews are important in the prompt detection of suspicious cyber activities.

Second, for online payment and banking security, the panel noted that multi-factor authentication might not be enough, and could be complemented with transaction notifications and data analytics to proactively detect cybersecurity breaches.

Third, on countering ransomware, the panel stressed the need for an ecosystem approach, requiring stronger cross-border and public-private collaborations. The panel also highlighted the importance of protecting backup data for effective service recovery. Financial institutions could consider implementing immutable data storage technologies that are resistant to ransomware attacks.

Finally, on blockchains and digital currencies, the panel suggested that developers continue to strengthen their security in their software development lifecycle. There is also a need to build up a sufficient pool of IT professionals that are experts in both blockchain technology and cybersecurity, and for more tools to become available to aid blockchains.

These recommendations were made during a two-day virtual meeting programme with relevant government organisations.

Follow the links for more news on

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Exclusives

C&W Services transforms headquarters into a ‘living lab’
The new office is set to be the ground for the firm’s new facilities management technologies.
How investor stewardship puts companies in a win-win state
Stewardship Asia Centre CEO says a company’s failure to take care of society is a failure to take care of its stakeholders.
Creating harmony in a heterogonous workforce 
An HR expert said tests like DISC can help identify which employees can work best together.