Close this search box.

We are creating some awesome events for you. Kindly bear with us.

MAS’ Cyber Security Advisory Panel discusses strategies to enhance cyber resilience of Singapore’s financial sector at inaugural meeting

MAS’ Cyber Security Advisory Panel discusses strategies to enhance cyber resilience of Singapore’s financial sector at inaugural meeting

The Monetary Authority of Singapore’s (MAS) Cyber Security Advisory Panel (CSAP) discussed strategies to enhance the cyber resilience of Singapore’s financial sector, at its inaugural meeting on 5-6 October. The formation of CSAP was announced on September 20.

The discussions covered areas ranging from regulatory guidance, supervision, and surveillance to information sharing and capability development.

CSAP members agreed that having strong basic cyber hygiene practices was fundamental in securing cyber resilience.  They also suggested that it was important to strengthen the competency and capability of the boards of financial institutions to exercise effective oversight of cyber risk management.

CSAP members highlighted the importance of conducting realistic penetration tests, including “red-teaming”. Red-teaming is the use of a team of ethical hackers to continuously test for weaknesses in an organisation’s people, processes and technology by adopting a hacker’s mind-set.

The members acknowledged the challenge posed by the voluminous information that is collated in monitoring for cyber incidents, and advocated the use of data analytics and machine learning to make sense of the information.  They were unanimous in emphasising the importance of timely information sharing by financial institutions of cyber incidents and developments.

Mr. Ravi Menon, Managing Director, MAS, who chaired the CSAP meeting, said “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.”

Mr. David Koh, Chief Executive, Cyber Security Agency of Singapore and a member of the CSAP, said, “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.”

The CSAP also met members of The Association of Banks in Singapore’s Standing Committee on Cyber Security, comprising of Chief Information Security Officers from key financial institutions. They exchanged views on technological developments in the financial sector, such as FinTech and artificial intelligence, and cyber security challenges faced by the industry. CSAP members also met DPM Tharman Shanmugaratnam, Chairman of MAS, and exchanged views on developing talents and capabilities in cyber security.

The CSAP will convene again in 2018 for its next annual meeting.


Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.


As a Titanium Black Partner of Dell Technologies, CTC Global Singapore boasts unparalleled access to resources.

Established in 1972, we bring 52 years of experience to the table, solidifying our position as a leading IT solutions provider in Singapore. With over 300 qualified IT professionals, we are dedicated to delivering integrated solutions that empower your organization in key areas such as Automation & AI, Cyber Security, App Modernization & Data Analytics, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Renowned for our consulting expertise and delivering expert IT solutions, CTC Global Singapore has become the preferred IT outsourcing partner for businesses across Singapore.


Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit


SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.


HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 


IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.