Singapore has stepped up efforts to further strengthen cyber resilience of the financial sector and combat increasing threats.

The Monetary Authority of Singapore (MAS) has issued new legally binding regulations which are aimed to mitigate risk of cyber threats.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

The Notice on Cyber Hygiene, as it is named, specifies certain measures that the financial institutions are required to comply.

The latest regulations will become effective on 6 August 2020, providing the institutions a year to implement them.

Under the Notice on Cyber Hygiene, all financial institutions are required to establish and implement robust security for IT systems.

All the institutions are also required to install devices to restrict unauthorised network traffic and prevent malware attacks.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Furthermore, they need to strengthen user authentication for critical systems and update the security technologies at regular intervals.

MAS chief cyber security officer Tan Yeow Seng said: “Cyber threats in the financial sector are growing as a result of an increased digital footprint and pervasive use of the Internet.

“The financial sector needs to remain vigilant and ensure that defences are able to counter varied and evolving threats.

“Good cyber hygiene can go a long way in protecting financial institutions from common types of cyber incursions.

“These fundamental and essential measures can be implemented by all financial institutions regardless of size or system complexity.”

MAS issued the new rules following a public feedback on the matter launched in September last year. It sought public opinion on transforming the latest cyber security measures into legally binding requirements.