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.