Story image

MAS panel discusses strategies for Singapore's cyber resilience

10 Oct 17

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.

Ramping up security with next-gen firewalls
The classic firewall lacked the ability to distinguish between different kinds of web traffic.
Gartner names LogRhythm leader in SIEM solutions
Security teams increasingly need end-to-end SIEM solutions with native options for host- and network-level monitoring.
Cylance makes APIs available in endpoint detection offering
Extensive APIs enable security teams to more efficiently view, enrich, and contextualise real-time intelligence collected at the endpoint to keep systems secure.
SolarWinds adds SDN monitoring support to network management portfolio
SolarWinds announced a broad refresh to its network management portfolio, as well as key enhancements to the Orion Platform. 
JASK prepares for global rollout of their AI-powered ASOC platform
The JASK ASOC platform automates alert investigations, supposedly freeing the SOC analyst to do what machines can’t. 
Pitfalls to avoid when configuring cloud firewalls
Flexibility and granularity of security controls is good but can still represent a risk for new cloud adopters that don’t recognise some of the configuration pitfalls.
Securing hotel technology to protect customer information
Network security risks increase exponentially as hotels look to incorporate newer technologies to support a range of IoT devices, including smart door locks.
Why total visibility is the key to zero trust
Over time, the basic zero trust model has evolved and matured into what Forrester calls the Zero Trust eXtended (ZTX) Ecosystem.