Story image

MAS panel discusses strategies for Singapore's cyber resilience

10 Oct 2017

The Monetary Authority of Singapore (MAS) set discussions in motion last week as part of the group’s plans to enhance the cyber resilience of Singapore’s financial sector.

The meeting brought together members from the MAS’s Cyber Security Advisory Panel (CSAP), who talked about regulatory guidance, supervision, surveillance, information sharing and capability development.

They agreed that cyber resilience can only be obtained through strong basic cyber hygiene practices, and it was important that boards and financial institutions were competent in these areas. This would allow effective oversight of cyber risk management.

CSAP members also talked about the importance of penetration testing, including the use of ‘red teams’. Red teams are ethical hackers who continuously test for weaknesses across an organisation’s people, processes and technologies.

“It was a rich and engaging discussion.  The meeting provided MAS an opportunity to validate its strategy for strengthening cyber resilience in the financial sector and to identify areas where we need to do more.  We are grateful to CSAP members for their sharp insights and helpful suggestions,” comments meeting chair and MAS managing director Ravi Menon.

CSAP members agreed that data analytics and machine learning are key ways to make use of the huge volumes of information that is collected as part of cyber threat monitoring and reporting.

Financial institutions must also be open to sharing information about cyber incidents and developments in a timely manner.

“The creation of the CSAP is a laudable initiative by MAS. The Panel brings together distinguished individuals from around the world, with a rich and diverse range of experience and expertise in the cybersecurity, banking and finance domains. The quality insights and ideas generated will certainly boost our collective efforts to augment the cybersecurity posture of Singapore’s banking and financial sector,” comments Cyber Security Agency of Singapore chief and CSAP member David Koh.

The CSAP also met with members from the Association of Banks in Singapore’s Standing Committee on Cyber Security. The committee comprises CISOs from key financial institutions. The meeting discussed technological developments in the financial sector such as FinTech and cybersecurity challenges in the industry.

The CSAP meeting included: Valerie Abend - managing director, Financial Services North America Security & Global Cyber Regulatory lead, Accenture Security; Keith Alexander - founder and CEO, IronNet Cybersecurity; Adrian Asher - Group CISO, London Stock Exchange Group; David Koh - Chief executive, Cyber Security Agency of Singapore; Vincent Loy, partner, Financial Crime & cyber leader, PricewaterhouseCoopers Risk Services; Cheri McGuire - Group CISO, Standard Chartered Bank; Mr Udi Mokady - Chairman and CEO, CyberArk .

The group will convene in 2018 for its next meeting.

Forget endpoints—it’s time to secure people instead
Security used to be much simpler: employees would log in to their PC at the beginning of the working day and log off at the end. That PC wasn’t going anywhere, as it was way too heavy to lug around.
DimData: Fear finally setting in amongst vulnerable orgs
New data ranking the ‘cybermaturity’ of organisations reveals the most commonly targeted sectors are also the most prepared to deal with the ever-evolving threat landscape.
IXUP goes "post-quantum" with security tech upgrade
The secure analytics company has also partnered with Deloitte as a reseller, and launched a SaaS offering on Microsoft Azure.
ExtraHop’s new partner program for enterprise security
New accreditations and partner portal enable channel partners to fast-track their expertise and build their security businesses.
Hackers increasingly ‘island hopping’ – so what does it mean?
Carbon Black's Rick McElroy discusses this new trend and what it means for the new age of cybercrime.
Trust without visibility is blind – Avi Networks
Enterprises are wanting to gain the trust of their customers, but are often found blindly defending themselves.
How to avoid becoming a cryptojacking victim - Bitglass
Large-scale cryptojacking is a lucrative business due to the popularity and value of cryptocurrencies like Bitcoin and Ethereum.
Symantec, Ixia combine efforts to secure hybrid networks
Ixia’s CloudLens and Symantec Security Analytics now feature complete integration, which allows Symantec customers to gain real-time visibility into their hybrid cloud environments.