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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.
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:
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“Very well organised, speaker’s contents were relevant. Mohit has connected the topics excellently”
Bank Julius Baer
“One of the best events I attended during this pandemic, taking into consideration of the restrictions. It was really well organised”
DBS Bank Ltd
“The event was well organised. The coverage topics are relevant and sufficiently covered by the
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.com, Twitter and LinkedIn
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.
CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.
Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.
Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.
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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.