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Monetary Authority of Singapore forms international advisory panel for cybersecurity

The Monetary Authority of Singapore (MAS) announced the establishment of a Cyber Security Advisory Panel (CSAP), comprising cyber security thought leaders from around the world.

The CSAP will advise MAS on strategies to enhance the cyber resilience of Singapore’s financial sector. Specifically, CSAP will provide MAS global perspectives on evolving technologies and cyber threats and their implications for financial services, along with insights on best practices in cyber security strategies.

CSAP members are appointed for a two-year term. There are representatives from JPMorgan Chase & Co, Standard Chartered Bank, London Stock Exchange, Accenture Security, IronNet Cybersecurity Inc, Group, F-Secure, FireEye Inc, IBM Resilient and Cyber Ark. Mr. David Koh, Chief Executive, Cyber Security Agency of Singapore (CSA) is also part of the panel. The inaugural meeting will be held in October 2017.

Mr. Ravi Menon, Managing Director of MAS said, “As financial institutions adopt new technologies and financial services are increasingly distributed using digital platforms, strong cyber security is critical to sustaining trust and confidence. We look forward to tapping on the CSAP’s expertise to help ensure that Singapore’s financial sector remains dynamic and secure in an increasingly digital world.”

Banking & Finance is one the Critical Information Infrastructure sectors identified by CSA. Protection of CIIs is a core focus area for the proposed Cybersecurity bill in Singapore, which was released for public feedback in July 2017. It provides a framework for the regulation of CII and formalises the duties of CII owners in ensuring the cybersecurity of their respective CIIs.

The inaugural “Singapore Cyber Landscape” publication from CSA released last week said that the Banking & Finance sector is the most spoofed in Singapore, accounting for 31 per cent of all observed (over 2500) phishing URLs during 2016. The compromise of banking accounts was also among the top five categories of cases reported under the Computer Misuse and Cybersecurity Act (CMCA).

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