Should Singapore’s MAS Become International Cybersecurity Standard – Expert Views

Although the Monetary Authority of Singapore (“MAS“) cybersecurity guidelines have been around since 2013, it was only in August this year that they became legally binding for any financial institution that operates in the country.

The requirements state that banks operating in Singapore need to do the following:

  • Establish and implement robust security for IT systems
  • Ensure updates are applied to address system security flaws in a timely manner
  • Deploy security devices to restrict unauthorised network traffic
  • Implement measures to mitigate the risk of malware infection
  • Secure the use of system accounts with special privileges to prevent unauthorised access
  • Strengthen user authentication for critical systems as well as systems used to access customer information

But why is this important for UK banks now, and should our regulatory bodies be replicating these new rules to make sure the UK banks have best-practice cybersecurity?


EXPERTS COMMENTS
Peter Hughes, Technical Director,  Skybox Security
October 15, 2019
Fortunately, a majority of UK banks already have the required security measures in place.
This regulation is important for any bank that does business in Singapore, or has customers that operate in the country. As more businesses seek to use Singapore as a ‘gateway’ to Asian markets, then this actually applies to a growing number. Fortunately, a majority of UK banks already have the required security measures in place – but this could be down to the fact that MAS is incredibly we ....
[Read More >>]

If you are an expert on this topic:

Submit Your Expert Comments


In this article