A view of the Monetary Authority of Singapore's headquarters (Photo: Reuters)Singapore (VNA) – All licensed financial institutions must comply with a new set ofrequirements by next year to raise cyber security standards and strengthencyber resilience of the sector, the Monetary Authority of Singapore (MAS) saidon August 6.
Key elements in theexisting MAS technology risk management guidelines will also be madecompulsory, the authority added.
These requirements,which will come into effect on August 6, 2020, include having robust securityfor IT systems, ensuring updates are applied to address system security flawsin a timely manner, and deploying security devices to restrict unauthorisednetwork traffic.
Financial institutionsshould also implement measures to mitigate the risk of malware infection,secure the use of system accounts with special privileges to preventunauthorised access and strengthen user authentication for critical systems aswell as systems used to access customer information.
Payment serviceproviders like e-wallet providers and firms dealing with cryptocurrencies willalso have to follow the new rules.
The penalties for notcomplying with the new measures will depend on what is set out in eachrespective Act for breach of a notice, said the MAS. - VNA
Key elements in theexisting MAS technology risk management guidelines will also be madecompulsory, the authority added.
These requirements,which will come into effect on August 6, 2020, include having robust securityfor IT systems, ensuring updates are applied to address system security flawsin a timely manner, and deploying security devices to restrict unauthorisednetwork traffic.
Financial institutionsshould also implement measures to mitigate the risk of malware infection,secure the use of system accounts with special privileges to preventunauthorised access and strengthen user authentication for critical systems aswell as systems used to access customer information.
Payment serviceproviders like e-wallet providers and firms dealing with cryptocurrencies willalso have to follow the new rules.
The penalties for notcomplying with the new measures will depend on what is set out in eachrespective Act for breach of a notice, said the MAS. - VNA
VNA
