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Combat Complex Threat Landscape with Simplicity for the Financial Institutions

Singapore

A Platform For Collaboration

OpenGov Asia is pleased to invite you to our OpenGov Breakfast Insight event aimed at imparting knowledge to Singapore financial institutions. The session will help you to focus on advanced methods in mitigating cyber threats, upgrading the risk framework, advance investigation methods and reframing insidethreat for fraud prevention. 

Managing risk to secure a complex and high-threat cyber environment in today’s business

 ‘A cyber-attack can result in a prolonged disruption of business activities. Threats are constantly present and evolving in sophistication. We cannot afford to be complacent. Financial institutions must therefore remain vigilant and have in place effective technology risk management practices, and robust business continuity plans to ensure prompt and effective response and recovery.’  

 – Tan Yeow Seng, MAS, Chief Cyber Security Officer 

The Monetary Authority of Singapore has established guidelines for technology risk management (TRM), or “MAS TRM Guidelines,” which outline risk management best practises and principles. These guidelines are intended to help financial institutions establish solid governance and oversight for managing technology risk, maintaining IT and cyber resilience, and more. 

Based on these guidelines, corporate CIOs and CROs should be playing a foundational role in several essential business activities, including tech deployment strategies. Yet, their major priority today has been cyber and information security. 

Chief Information Officers recently shared that cybersecurity will be their top investment priority in 2023. This is an indication that businesses are eager to minimise and mitigate risks to their operations in the face of increasingly sophisticated cyber-attacks. 

According to the most recent Forcepoint analysis, 57% of ransomware attacks and 65% of cyberattacks in the U.S. and U.K. occurred in the past year alone. Unsurprisingly, ransomware presents the biggest risk. 

In the recent Optus data breach in Australia, the personal information of almost 2.8 million of the 10 million affected individuals was exposed, including their passport number, driver’s licence number and/or Medicare card number. 

The risk of cybercrime is growing and financial institutions are not immune. In Singapore, 790 bank clients lost around $13.7 million as a result of spoof phishing SMSes sent out by con artists. According to experts, such instances place them in significant danger of having their credit ratings downgraded, losing client confidence and suffering financial consequences. 

In light of this, highly structured methods are essential for financial institutions to effectively combat such cyber risks, maintain 360° visibility and comply with regulations.  

Designed Analytics: Better Understanding Risk Through Context 

Analytical techniques that have been carefully thought out, connect and establish meaningful connections between otherwise unrelated data points. Revealing risk indicators at their earliest point of detection enables financial institutions to improve their understanding. Analytics tools will accelerate the investigation of fraudulent activity and human behaviour, enabling breadcrumb and early warning indicators that are typically only discovered through post-incident investigation efforts. 

Insider Threat: Reframing the Problem 

“Insider threats” are a complex and ever-changing peril that financial institutions face in every sector of essential infrastructure. To prevent employees from being viewed as an inherent threat to the organisation, the separation of duties and responsibilities will redefine the unit of measurement. 

Cybersecurity:Juggling Multiple Tools 

Haphazardly utilising a wide range of devices to safeguard and back up data has significant risks. To make sure that the access and use of data, as well as how it is kept, shared, managed, and protected across the company, are entirely obvious, a clearly defined plan and precise areas of responsibility are essential. 

Security Policies: Move from a Reactive to a Proactive Posture 

Instrument controls based on staff-level risk understanding are effective. Security managers should automate the progressive application of security policies throughout the environment while also empowering risk managers at the front line of defence to make better decisions. 

Zero Trust’: Will this shape how financial institutions operate in the future? 

Encouraging the entire organisation to adopt a zero-trust framework to focus on scalability and operational efficiency is vital in the current landscape. As will be looking at methods to manage the multiple security tools challenges. While driving operational efficiency, organisations will incur costs to adhere to new regulations. 

OpenGov Asia is pleased to invite you to our OpenGov Breakfast Insight event aimed at imparting knowledge to Singapore financial institutions. The session will help you to focus on advanced methods in mitigating cyber threats, upgrading the risk framework, advance investigation methods and reframing ‘inside-threat’ for fraud prevention. 

We will be discussing:

  • FACTORS that influence the efficiency of the operation
  • DECISIONS for balancing several or mastering one cybersecurity tool
  • TECHNIQUES for proactively managing risk to protect your organisation
  • METHODS for framing the behaviour risk as a solution to the ‘insider threat issue
  • STAGES in advocating the use of a “zero-trust” framework for scalability and operational efficiency 
  • STEPS to efficiently maintain compliance with the law and control costs at the same time 
  • STRATEGIES to shift from a reactive to a proactive approach in risk management
  • PROCESS for quickly analysing incidents that are supported by interactive visualisations 

Who Should Attend

Meet Our Distinguished Speakers

Nick Savvides
Senior Director of Strategic Business, Asia Pacific
Forcepoint

Mohit Sagar
CEO & Editor-in-Chief
OpenGov Asia

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“Very well organised, speaker’s contents were  relevant. Mohit has connected the topics excellently”

Bank Julius Baer

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DBS Bank Ltd

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Credit Suisse

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PARTNER

Forcepoint simplifies security for global businesses and governments. Forcepoint’s all-in-one, truly cloud-native platform makes it easy to adopt Zero Trust and prevent the theft or loss of sensitive data and intellectual property no matter where people are working. Forcepoint creates safe, trusted environments for customers and their employees in more than 150 countries. Engage with Forcepoint on www.forcepoint.comTwitter and LinkedIn