MAS maintains focus on fight against cyber risk and urges greater collaboration worldwide

The Monetary Authority of Singapore (MAS) is continuing its investment in the fight against cyber risk and crime, to ensure that it is viewed as one of the safest financial centres worldwide and a leader in cyber risk management. Vincent Loy, assistant managing director (technology) at the MAS, recently gave a speech entitled, 'Building cyber resilience across the financial sector', at the third Cyber Security Advisory Panel (CSAP) meeting. The CSAP was formed in 2017 to bring cybersecurity experts and thought leaders from around the world to advise the MAS on strategies to enhance the cyber resilience of Singapore’s financial sector. Mr Loy pointed out that cyber threats in the financial sector have become more prominent in recent years, as more organisations move into and expand in the digital world. The frequency, scale and complexity of cyberattacks are mounting, he said. “Given the interconnectedness in the financial ecosystem and the borderless nature of cyber threats, the financial sector must work closely together to manage cyber risks, strengthen our cyber resilience and ensure the smooth and safe delivery of key financial services,” said the MAS executive. He explained that the MAS’s cyber activities are focused on five core areas: regulations and guidance; industry collaboration and support; collaboration with national and international agencies; information sharing; and consumer education. Mr Loy explained that, from as early as 2001, the MAS has been issuing guidelines and circulars relating to technology risk management. To try and keep pace with the evolving best practices in the industry, it is now updating the guidelines after consultation with the public earlier this year. In 2013, a number of measures on implementing strong resilience, protecting customer information and incident reporting were hardened into legally binding requirements. In August this year, the MAS issued its second set of requirements through the Notice on Cyber Hygiene, which requires financial institutions in Singapore to implement essential cybersecurity measures to strengthen cyber resilience. During this period, the MAS has worked hard to promote industry collaboration and support, said Mr Loy. “The MAS works closely with the industry associations to undertake sector-wide cyber initiatives, such as conducting regular industry-wide business continuity and cyber risk exercises, and working with industry associations to establish Standing Committees on Cyber Security. In fact, today’s industry engagement session would not have been possible without the support of representatives from the banking and insurance associations,” he said. The MAS also launched a SGD30m Cybersecurity Capabilities Grant in 2018, to help financial institutions build advanced capabilities and develop local talent in cybersecurity. Collaboration with national and international agencies, is also important said the regulator. At the national level, the MAS is a sector lead in a tiered surveillance framework with the Cybersecurity Agency of Singapore, which coordinates cybersecurity efforts across sectors. At the international level, the MAS is an active participant in a number of international standard-setting bodies and working groups with peer regulators. The MAS has been involved in the key cyber-related guidance released by these bodies, such as the Financial Stability Board, the Committee on Payments and Market Infrastructure, the International Association of Securities Commissions, and the International Association of Insurance Supervisors, said Mr Loy. This year, the MAS was invited to chair the Financial Stability Board’s working group on Cyber Incident Response and Recovery (CIRR). The CIRR will develop a toolkit of effective practices for financial institutions, as well as for supervisors and other relevant authorities, to support financial institutions before, during and after a cyber incident, he explained. Information sharing is an important part of the battle against cyber risk, said Mr Loy. The Financial Services – Information Sharing and Analysis Centre (FS-ISAC) has been facilitating information sharing among financial institutions across the world for several years. In 2017, the MAS worked with this body to establish the Asia-Pacific Regional Analysis Centre in Singapore, to provide 24/7 local and global coverage with threat information sharing, actionable intelligence, as well as tools and resources to respond to incidents, he said. The MAS also gathers and shares information through the various working groups of international standard-setting bodies that it participates in. The MAS has also established bilateral arrangements on cyber information sharing with foreign counterparts including the Hong Kong Monetary Authority and UK authorities such as the Bank of England and the Financial Conduct Authority. Last year, the MAS also worked with the FS-ISAC to establish the Central banks, Regulators and Supervisors Forum, to facilitate multi-lateral information sharing. “This platform, which already has members spanning the five continents, enables authorities to share and distribute information on cyber threats, vulnerabilities, incidents and other intelligence that could impact the financial ecosystem,” he explained. Lastly, there is the important area of consumer education. “Promoting consumer awareness is a team effort and everyone has a part to play. Cybersecurity measures are only effective to the extent that consumers observe good cyber hygiene and practices on their part. To this end, the MAS has stepped up efforts to alert investors and the public of cyber risks through MoneySense, Singapore’s national financial education programme,” he explained. So, what’s next? Mr Loy said the MAS cannot be complacent and rest on its laurels. The CSAP meeting was organised so that they could look forward and identify emerging risks, develop strategies to manage them, and work together to enhance the financial sector’s cyber resilience, he added.

MAS maintains focus on fight against cyber risk and urges greater collaboration worldwide

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