Singapore, 29 October 2021 - The Monetary Authority of Singapore’s (MAS) Cyber Security Advisory Panel (CSAP), comprising experts in cyber security from around the world, provided insights on how MAS and financial institutions (FIs) can bolster their cyber defences. At its fifth annual meeting, held virtually on 26 and 27 October 2021, the Panel supported the adoption of “zero-trust” security principles and architecture to tackle advanced cyber threats and IT supply chain attacks. In addition, the panel also discussed cyber risks and mitigating actions in emerging technologies like blockchains and digital currencies.
Key insights from the CSAP meeting include:
Mr Ravi Menon, MAS’ Managing Director said, “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.”
As part of the two-day virtual meeting programme, the Panel also exchanged views with the Association of Banks in Singapore Standing Committee on Cyber Security (SCCS) and the Insurance SCCS on their latest industry initiatives, including on the adversarial attack simulation or red teaming exercise and bug bounty programme. Participants included representatives from the Cyber Security Agency of Singapore, Defence Science and Technology Agency, Government Technology Agency, Infocomm Media Development Authority, Ministry of Communications and Information, and Smart Nation and Digital Government Office.
Re-disseminated by The Asian Banker