SecurityBrief Asia logo
Asia's leading source of cybersecurity and cyber-attack news
Story image

"Good lessons" arise from Singapore business continuity test

FYI, this story is more than a year old

Singapore's financial sector conducted a massive business continuity exercise in order to test response to both cyber and physical attacks last month.

The Association of Banks in Singapore (ABS) conducted the test on August 24. The test involved 139 financial institutions including banks, finance companies, insurers, securities and brokerage firms, financial market infrastructures, asset management firms, industry associations, the Singapore Exchange and the Monetary Authority of Singapore.

The test enabled institutions to practice crisis management and contingency plans as part of simulated cyber attacks and terrorist attacks. The simulated attacks brought down financial services and disrupted operations.

According to ABS director Ong-Ang Boon, the test was a valuable and challenging way to practice information sharing, responses and coordination.

“There are good lessons that the industry gained which will contribute towards enhancing the responsiveness and resilience of Singapore's financial sector,” Ong-Ang Boon says.

The tests were also supported by the Ministry of Home Affairs, the Singapore Police Force, the Ministry of Communications and Information, the Cyber Security Agency of Singapore and facilities management staff from approximately 50 buildings.

General Insurance Association chief executive Ho Kai Weng says recent threats have highlighted both cyber and physical dangers around the world.

“This exercise has emphasised the importance for the general insurance industry to collaborate in sharing information, undertaking active discussions and testing threat response and business continuity plans,” he says.

The Association of Banks in Singapore is a consortium of 159 local and foreign banks. It promotes and represents the interests of the banking community in Singapore by working with government authorities. Its aim is to develop a sound financial system in Singapore and provide a common understanding among members about banking.

According to the ABS website, it provides guidelines for penetration testing and cloud computing for Singapore's financial industry. It also provides baseline security guidelines for physical security and business continuity.

“As Singapore strives towards achieving our Smart Nation ambition, it also becomes increasingly critical for us to ensure that the level of protection we provide members of the community, and the integrity of our systems are not compromised. Today's exercise highlights the importance of being crisis response-ready, and it is heartening to note the level of preparedness and swift actions of life insurers in effectively tackling the simulated crisis,” comments LIA Singapore executive director Pauline Lim.

In addition, ABS supports projects of mutual benefit that face Singapore's banking and financial communities.

Related stories
Top stories
Story image
Mobile Device Management
How to easily scale your mobile workforce and devices for the peak shopping season
Retailers are under constant pressure to streamline processes and become more efficient while looking for ways to improve customer satisfaction levels.
Story image
Software-as-a-Service
Enterprises yet to fully commit to cybersecurity - CompTIA
“Digital transformation driven by cloud and mobile adoption requires a new strategic approach to cybersecurity, but this poses significant challenges."
Story image
Malware
Kaspersky uncovers new malicious malware NullMixer
Kaspersky researchers have uncovered a new malware stealing users credentials, address, credit card data, cryptocurrencies, and accounts.
Story image
Edge Security
Security practices for modernising the “spaghetti” of on-premises IT
Many organisations are wondering how to securely modernise their workload, often made up of a “spaghetti” of on-premises applications and management consoles.
Story image
Kaspersky
Cybersecurity loopholes prevalent in South East Asia
In terms of the share of vulnerabilities with publicly available exploits, three countries out of top five are located in Southeast Asia.
Story image
Cloud
How modern IT architectures are moving beyond network visibility
Dealing with multiple cloud providers makes it difficult to identify security threats and performance bottlenecks and troubleshoot issues.
Story image
IT Training
Six ways to transform your cybersecurity training and influence lasting change
If the goal is to win hearts and minds, formal awareness training can fall short and often doesn’t inspire people to care.
Story image
Cybersecurity
Video: 10 Minute IT Jams - An update from SearchInform
Val Novoselova joins us today to to discuss new trends in the information security space, and how SearchInform is adapting to some of the new trends we are seeing.
Story image
Artificial Intelligence
Ordr improves security and management of connected devices
It has implemented more than 80 integrations within the Ordr Data Lake while adding security enhancements to accelerate zero trust segmentation.
Story image
Security vulnerabilities
Claroty finds seven vulnerabilities in Dataprobe iBoot-PDU
The Claroty research team (Team82) has found seven vulnerabilities in Dataprobe's iBoot-PDU, the company's intelligent power distribution unit product.
Story image
Cybersecurity
Aqua Security solution to stop software supply chain attacks
Development and security teams can now proactively address the most critical software supply chain risks from code through runtime.
Story image
Threat intelligence
Trellix advances threat intelligence with new research centre
Trellix has announced the establishment of the Trellix Advanced Research Center to advance global threat intelligence.
Story image
Malware
Cybereason delivers nation-state level of protection to enterprises
Cybereason has announced new advancements in Cybereason NGAV that deliver nation-state level protection for organisations of all sizes.
Story image
Observability
Virtualisation Security Market to reach over $7 billion by 2032 - report
A new report from Future Market Insights has found that the Virtualisation Security Market is anticipated to reach a valuation of US $7.6 billion.
Story image
Cloud Security
CrowdStrike launches new partner program to expand routes to market
"We developed the CPSP program in partnership with GSIs, MDR vendors, MSPs, MSSPs and Telcos to ensure we were meeting their needs and empowering them."
Story image
IoT security
Nozomi Networks and WALLIX strengthen OT network security
By combining WALLIX and Nozomi Networks solutions, end-to-end visibility and traceability for maximum security in an industrial environment is provided.
Story image
Web Development
Oracle reveals and releases new Java 19 updates
Oracle has announced the availability of Java 19, which is set to deliver performance, stability, and security improvements for developers.
AWS Marketplace
Whitepaper: A practical guide for mitigating risk in today’s modern applications
Link image
Story image
Malware
Absolute Software extends persistence technology to Trellix
Customers can benefit from Absolute’s firmware-embedded connection, ensuring that Trellix's endpoint protection solution remains effective and healthy.
Aws Marketplace
Learn how to implement a backup and recovery plan for a new generation of Kubernetes-based modern applications
Link image
Story image
Compliance
Security and compliance challenges halt innovation strategies
"What’s needed is a new mindset and a fresh approach, one in which security and compliance are continuous and actually speed innovation."
Story image
Cryptocurrency
Crypto giveaway scams continue to soar, according to report
There's been a fivefold increase in the number of domains used for crypto giveaway scams that involve fake YouTube streams in the first half of 2022. 
Story image
Cybersecurity
Confidence in security challenges of hybrid work improving
84% of IT professionals have some degree of confidence in their user access security systems to enable remote work securely and easily, up from 56% in 2021.
Story image
Secure Code Warrior
Secure Code Warrior announces Coding Labs innovation
Coding Labs mechanisms allow developers to move from learning to applying secure coding knowledge more efficiently, leading to fewer code vulnerabilities.
Story image
Cybersecurity
Test your API Security with Infinite API Scanner
The effectiveness of API scanning technology can mean the difference between successful and unsuccessful programming outcomes, and often enterprises and IT leaders struggle to get it right.
Story image
Cybersecurity
Hands-on review: Yubikey 5C NFC
Founded in 2007 and specialising in computer and network security, the Swedish company Yubico is now a leader in global authentication.
Story image
Customer Relationship Management
Why Managed Service Providers are the next big target
MSPs are now such an integral part of the digital ecosystem that companies trust more of their sensitive data with them
Story image
Data Protection
Cloudflare brings Data Localisation Suite to more APAC businesses
This allows any business in these countries to service their data locally while benefiting from the speed, security, and scalability of Cloudflare’s global network.
Story image
Partnerships
Concentric AI, Snowflake to enhance data security posture
The integration benefits joint customers by making Concentric AI's data security posture management capabilities readily available on the Snowflake Data Cloud. 
Story image
Cybersecurity
Kaspersky updates endpoint detection and response solution
"One of the goals was to make all the solutions capabilities accessible for all types of our users, even those who are making their first steps in EDR."
Story image
Distributed Denial of Service
Reevaluating DDoS protection for a changing threat landscape
DDoS attacks are gaining in frequency, intensity, duration, and complexity, with attackers employing more vectors
Story image
Network Security
20/20 visibility key to improving network security
IT leaders around the world share a ubiquitous appetite for greater network visibility, according to a new study from Infoblox.
Story image
Phishing
Vectra Protect team finds Microsoft Teams vulnerability
The Vectra Protect team identified a post-exploitation opportunity in August, allowing malicious actors to steal valid user credentials from Microsoft Teams.
Story image
Firewall
Barracuda tackles intensified threat landscape with latest releases
"The Barracuda XDR solution combines data across our security stacks through a single dashboard view, giving us the visibility we need."
Story image
Artificial Intelligence
ForgeRock announces next gen identity orchestration capabilities
ForgeRock has launched identity orchestration capabilities to enable enterprises to deliver improved user experiences secured by threat protection.
Story image
Enterprise
Delinea shares the importance of PAM, partners and security for modern enterprise
Identity-based security is becoming a crucial tool for modern enterprises as they continue to adapt to different working environments.
Story image
Cybersecurity
StackHawk launches deeper API security test coverage
Expansion of test coverage includes custom scan discovery, custom test scripts and custom test data for REST APIs.
Story image
Malware
SonicWall threat report mid-year update highlights significant threat variance
The 2022 SonicWall Cyber Threat Report mid-year update from SonicWall gives an in-depth insight into many of the current trends across the threat landscape.
Story image
Cybersecurity
Macroeconomic headwinds driving security up priority list
Current macroeconomic headwinds are driving security up enterprise’s priority list and reshaping the hardware Security Module market.
Story image
Ransomware
Absolute recognised in KuppingerCole Leadership Compass 2022
The company's Absolute Secure Access was recognised for its ability to protect users and resources while improving the remote worker experience.
Story image
Ransomware
Commvault unveils early warning system, Metallic ThreatWise
A first among data protection vendors, the new cyber deception service detects and contains ransomware threats.