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.
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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.
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By GlobalDataFurthermore, 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.
