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MAS forms cybersecurity panel

MAS forms cybersecurity panel

The Monetary Authority of Singapore has established a Cyber Security Advisory Panel for improving the cyber resilience of its financial sector.

Specifically, the panel will provide MAS global perspectives on evolving technologies and cyber threats and their implications for financial services, as well as insights on best practices in cyber security strategies.

10 members including Standard Chartered Bank and JPMorgan Chase & Co., and London Stock Exchange Group, among others, will hold a two-year term.

‘As financial institutions adopt new technologies and financial services are increasingly distributed using digital platforms, strong cyber security is critical to sustaining trust and confidence,’ MAS managing director Ravi Menon said in a statement.

Cybersecurity breaches are a growing concern globally as high-profile cyberattacks continue to grab headlines, with the latest being credit reporting agency Equifax’s confession of data breaches affecting 143 million people.

Moreover, the Singapore government, in line with its vision of a ‘Smart Nation’, laid out its plans of a Smart Financial Centre in 2015. As part of that, the country decided to invest SGD 225 million in financial technology till 2021.

Its regulatory actions include a ‘sandbox’ to test new ideas in a confined environment, a focus on supervisory technology and cybersecurity.

Last year, MAS announced its collaboration with the Financial Services Information Sharing and Analysis Centre to establish an Asia Pacific Regional Intelligence and Analysis Centre for implementing better cybersecurity practices in financial institutions.

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