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Singapore Improves Financial Sector Cloud Resilience

The inaugural Financial Sector Cloud Resilience Forum was organised by the Monetary Authority of Singapore (MAS) for Asia Pacific financial regulators and Cloud Service Providers (CSPs) to exchange perspectives on the financial sector’s proper public cloud risk management strategies.

The inaugural Forum which will be held by-annually is chaired by Vincent Loy, Associate Managing Director (Technology) of the MAS. The Forum featured over twenty participants, including top leaders from financial regulatory bodies of other nations, and representatives from the top CSPs around the globe.

Vincent noted that the Forum will provide a beneficial venue for financial regulators in the Asia-Pacific region and key CSPs to undertake measures to promote a more resilient and secure use of cloud services in the financial industry. He added that the MAS is happy to organise this forum to enhance greater cooperation between financial regulators and CSPs. The Forum’s open dialogue and all sides’ determination to collaborate are encouraging.

One of the most important things to learn from the Forum is that financial institutions (FIs) are increasingly using public cloud services. Along with increased acceptance, the Forum observed that some important systems and workloads of FIs are currently hosted on the public cloud.

CSPs will also need to assist their FI clients in maintaining a high level of operational resilience. The Forum emphasised the importance of financial regulators, FIs, and CSPs working together to develop best practices for IT resilience and security to achieve tight financial sector resilience standards.

Also, it will be important for CSPs and financial regulators to share information. The participants asked financial regulators and CSPs to share more information about cloud technology and cyber security risk management practices. This would help them build the skills they need to deal with risks that may be unique to public cloud deployment.

Singapore has taken significant steps to improve cloud resilience, which will help to strengthen the country’s financial sector. Because it recognises its critical role as a worldwide financial hub and a leader in digital innovation, the country has taken initiatives to increase cloud technology’s security and operational resilience in the financial services industry.

The MAS’ Cloud Computing Implementation Roadmap is an important programme since it provides guidelines and recommendations for the usage of cloud computing by banks and other financial institutions. The plan emphasises the importance of strong governance and risk management frameworks as well as safeguarding the availability, integrity, and confidentiality of cloud-stored data.

Additionally, Singapore has enacted the Cybersecurity Act, which mandates that financial institutions follow a set of minimum cybersecurity standards, including those pertaining to cloud computing, to further improve cloud resilience. Sensitive information saved in the cloud should be encrypted, and multi-factor authentication should be implemented on a regular basis.

The nation has taken legislative measures to protect against cyber threats, but it has also encouraged financial institutions and cloud service providers to work together to share information and better respond to attacks. Maintaining the stability of the financial industry requires the timely identification and mitigation of cyber threats; this joint approach makes this possible.

By working to strengthen cloud resilience in the financial sector, the country is demonstrating its dedication to protecting the safety and security of its financial system. Singapore is well-positioned to continue its place as a leading global financial centre in the digital era because of the implementation of rigorous regulatory frameworks, promotion of local cloud infrastructure, and encouragement of collaboration among stakeholders.


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