Photo by Pixabay from Pexels

Service-centric approach pushed to combat cyber threats

Financial institutions were also recommended to move beyond scripted IT disaster recovery exercises.

Financial institutions must adopt a service-centric approach to strengthen operational resilience by maximising an end-to-end approach to increase cyber threat resiliency, according to the Monetary Authority of Singapore (MAS).

FIs were also recommended to move beyond scripted IT disaster recovery exercises by incorporating unscripted elements into their regular disaster recovery drills.

The agency also emphasised the need for FIs to understand how specific risks may arise from their IT vendors and use of open-source software.

This includes maintaining a comprehensive inventory of IT components used within FIs, and mapping their third-party dependencies.

Further, MAS cautioned about the materialising security threats posed by quantum computers, and recommended that FIs inventorise cryptographic solutions across their operations. 
 

Join Singapore Business Review community
A NOTE FROM SINGAPORE BUSINESS REVIEW

If you've been wondering whether SBR could work for your company — yes, probably.

A lot of the companies we partner with started as readers. They'd been following our coverage for a while, saw their own customers and competitors in it, and eventually asked the obvious question: could we do something with you? The answer is usually yes. The shape of it depends on what you're trying to do.


The options are broader than most people assume — thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. Some partners use one channel; most use a mix. We figure out the right combination by starting with your brief, not with our rate card.


So if the question has been on your mind, here's the easy way to ask it.

We'll tell you honestly whether we can help, and how. It's a better use of everyone's time.