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The Monetary Authority of Singapore released two consultation papers on proposed changes to the Technology Risk Management (TRM) Guidelines and the Business Continuity Management (BCM) Guidelines yesterday – 7 March 2019.
The changes will require financial institutions’ to put in place enhanced measures to strengthen operational resilience. These take into account the rapidly changing physical and cyber threat landscape. The public consultation will run from 7 March to 8 April 2019
MAS proposes guidelines to include cyber security
MAS proposes to expand the TRM Guidelines to include guidance on effective cyber surveillance, secure software development, adversarial attack simulation, and management of cyber risks posed by the Internet of Things. The proposals were developed in close partnership with the financial industry.
Mr Tan Yeow Seng, Chief Cyber Security Officer, MAS, said, “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.”
The MAS Cyber Security Advisory Panel (CSAP) which comprises international cyber security thought leaders, provided valuable inputs in shaping the proposed TRM Guidelines.
The Guidelines continue to emphasise the importance of risk culture, and the roles of Board of Directors and senior management in technology risk and business continuity management.
MAS guidelines to raise standards of financial institutions
MAS also proposes to update the BCM Guidelines to raise standards for FIs in the development of business continuity plans that will better account for interdependencies across FIs’ operational units and linkages with external service providers.
FIs are encouraged to put in place an independent audit programme to regularly review the effectiveness of their Business Continuity Management efforts.
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Digital innovation empowers ageing individuals by promoting better health management, social engagement, cognitive stimulation, safety, and access to resources, ultimately improving their overall quality of life.
While ageing is frequently accompanied by a deterioration in functional mobility, loss of muscle strength, and an increase in body fat, this trend could be reversed thanks to a novel magnetic muscle therapy developed by researchers at the National University of Singapore (NUS).
Weekly exposure to very low levels of proprietary pulsed electromagnetic field (PEMF) using the BIXEPS device invented by NUS researchers in 2019 is associated with significant improvements in mobility and body composition after 12 weeks, particularly in older people, according to a recent community study conducted in Singapore involving 101 participants aged 38 to 91 years old. After three months of magnetic muscle therapy, participants reported reduced pain perception.
Associate Professor Alfredo Franco-Obregón, who led the research team and is a Principal Investigator with NUS iHealthtech and co-founder of QuantumTX, says that the BIXEPS device uses a specific magnetic signature to target the muscles in a user’s leg and create metabolic activity in the cells, just like when a person exercises.
Studies from the past showed that when magnetic muscle treatment was used on one leg after knee surgery, the whole body’s metabolism improved. This was mostly seen as changes in the blood lipid profiles. That is, the effect went beyond just the leg that was treated and led to changes throughout the whole body.
After eight weeks of treatment, 72% of individuals reported improved skeletal muscle maintenance along with reductions in total and visceral fats, with 85% of subjects reporting improvements in functional mobility after 12 weeks, most notably among the elderly.
These encouraging findings suggest that this PEMF-based technology could be a beneficial adjunct to traditional geriatric therapies aimed at lowering the prevalence of frailty and metabolic diseases in the elderly population.
Importantly, visceral fat is an inflammatory fat that has been linked to a variety of metabolic diseases, including diabetes. Previous research has found that people in Southeast Asia retain visceral fat more persistently than persons in other regions of the world, despite exercise.
As a result, people in Southeast Asia get diabetes at a lower BMI than persons of other ethnicities. This has created a significant challenge for the Southeast Asian health business. Researchers finally have a solution to this local healthcare dilemma in the form of magnetic field therapy.
Based on the promising findings of the community study, the team has collaborated with research groups in the United States and Hong Kong to perform randomised controlled clinical studies to further validate the advantages of frailty across various ageing groups.
Since 2022, the team has also begun a senior-focused study with 200 elders across four Singapore community care centres to assess how the technology can improve function and ease chronic problems. This research is projected to be completed in 2023.
Real-world pilot data from current community programmes have also shown promise of improved HbA1c control – the most common measure for diabetes progression – after beginning weekly BIXEPS sessions.
The research team is currently collaborating with the Singapore General Hospital to perform a clinical trial to evaluate further the therapeutic potential of PEMF-based therapies for diabetes progression management.
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Bernard Widjayam, the Head of the Market Conduct Department at the Financial Services Authority (OJK), underscored the significance of incorporating technology into the oversight of financial service businesses. In his statement, he highlighted the limitations of manual analysis when it comes to efficiently and effectively analysing data on behaviour within the industry.
Manually analysing vast amounts of data related to financial service business behaviour can be a time-consuming task. Furthermore, relying solely on manual analysis can introduce the risk of inefficiencies, inaccuracies, and inconsistencies in the data analysis process. It may lead to a lack of coherence and potentially misleading information.
By leveraging technology in the supervision and monitoring of financial service businesses, the aim is to enhance data analysis’s efficiency, accuracy, and reliability. Automation and advanced algorithms can streamline the process, enabling faster and more comprehensive analysis of behaviour-related information. In turn, facilitates timely and informed decision-making for regulatory authorities and promotes a more transparent and compliant financial services sector.
Implementing technology-driven solutions allows for data collection, processing, and analysis automation. By harnessing advanced analytical tools and techniques, regulatory bodies can uncover patterns, trends, and anomalies in behaviour data that may otherwise be overlooked in manual analysis. This comprehensive and data-driven approach enables a deeper understanding of the industry, identifies potential risks or misconduct, and supports proactive regulatory interventions.
Moreover, using technology to supervise financial service businesses helps establish a consistent and standardised framework for data analysis. It ensures that the analysis is conducted systematically and unbiasedly, reducing the potential for human errors and subjective interpretations. It promotes transparency, fairness, and accountability in assessing behaviour within the financial services industry.
Bernard Widjayam also highlighted the potential use of AI and machine learning technologies in monitoring the offerings of financial products and services through various media channels. By harnessing the power of AI and machine learning, regulatory authorities can enhance their ability to detect and assess potentially misleading or non-compliant advertisements and promotions in the financial services sector.
AI and machine learning algorithms can analyse enormous amounts of data from different sources, such as websites, social media platforms, and online advertisements, to identify patterns and anomalies in the marketing practices of financial service providers. It enables authorities to swiftly identify misleading claims, hidden fees, or unfair marketing tactics that misguide consumers or violate regulatory standards.
Using AI and machine learning technologies can significantly augment the effectiveness and efficiency of regulatory oversight in the digital age. These technologies can automate the monitoring process, flagging suspicious advertisements or promotions for further investigation and reducing the burden of manual monitoring on regulatory authorities.
To promote the digitalisation of activities in BPR/BPRS as outlined in pillar 2 of the Indonesian Banking Development Roadmap, CBI, as the Credit Insurance Management Institution (LPIP), has implemented Artificial Intelligence (AI) and utilised credit scoring for credit application analysis.
Implementing AI in credit application analysis is expected to provide higher efficiency and accuracy. By leveraging AI technology, CBI can process customer data quickly and accurately, identify credit risks, and make more precise credit decisions. Moreover, CBI can evaluate the credit profiles of prospective borrowers based on factors such as credit history, income, and assets. It enables CBI to make objective and fair credit decisions.
With the implementation of AI and the utilisation of credit scoring, CBI can accelerate the credit application process, reduce undesirable credit risks, and improve the overall operational efficiency of BPR/BPRS. This step aligns with the vision of the Indonesian Banking Development Roadmap, which emphasises the importance of digitalisation in enhancing the competitiveness of the banking sector.
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The Department of Information and Communications Technology (DICT) invites all stakeholders, advocates, and concerned individuals to submit feedback, comments, and suggestions on the drafted National Cybersecurity Plan (NCSP) 2023-2028 to provide a safe and reliable cyberspace for all Filipinos.
The goal of the public consultation on the draught of the NCSP 2023-2028 is to improve the final document, which is expected to be released by the end of 2023. All parties interested may offer their suggestions and comments to the Office of the Assistant Secretary for Cybersecurity and Upskilling via email at oascu@dict.gov.ph. The outline NCSP 2023-2028 is organised around six (6) pillars, including:
- Enactment of the “Cybersecurity Act” to strengthen the policy framework;
- Secure and protect Critical Information Infrastructures (CII);
- Proactively defend the government and people in cyberspace;
- Operational and well-coordinated network of Computer Emergency Response Team (CERT) and SOC;
- Capacitate workforce in cybersecurity; and
- Enhancing international cooperation.
Ivan John E. Uy, secretary of the DICT, emphasised the importance of concerted action from all interested parties to create a trusted, dependable, and safe online environment for Filipinos.
“The NCSP 2023-2028 shows the importance of convergence among all government agencies in delivering our mission. It outlines steps on how each government agency can coordinate all their cybersecurity initiatives through the National Cybersecurity Inter-Agency Committee (NCIAC). It also harmonises all organisation CERT and defined two national-level CERTs,” said Secretary Ivan.
He also stated that there was a steady increase in internet-based transactions during and after the COVID-19 outbreak. The country gradually evolved to cashless transactions as electronic commerce and e-banking became commonplace, mostly because of inventions from the private sector. Cybercrime incidences rose as these advanced.
Cyberthreat actors took use of flaws and vulnerabilities in processes, technology, and human behaviour. In response to these changes, the National Cybersecurity Plan 2023–2028 (NCSP 2023–2028) was created.
The goal of DICT is to give every Filipino access to a trusted, secure, and reliable online environment. This demonstrates the necessity of protecting the government and the public online, as well as the significance of fostering the kind of trust required for online commerce to flourish.
The NCSP’s second iteration drew on the preceding strategy’s results while also demonstrating a policy shift. DICT is now attempting to establish a Cybersecurity Act to balance the economic linkages impacting noncompliance with cybersecurity legislation.
The new strategy also promotes policy based on standards and risk-based methods. Individual organisations, rather than entire sectors, are designated as CIIs if they fail, depending on their size and influence. A renewed emphasis on developing the cyber workforce, as well as the significance of improving international collaboration in cybersecurity, was also emphasised.
Most particularly, the NCSP 2023-2028 demonstrates the importance of collaboration among all government departments in carrying out its mandate. It details how each government agency can use the National Cybersecurity Inter-Agency Committee (NCIAC) to coordinate all their cybersecurity initiatives. It also unifies all organisation CERTs and establishes two national-level CERTs.
Though the NCSP 2023-2028 has a sublime goal, DICT thinks this strategy can be successful with the assistance of all government agencies, the private sector, and all departments of government.
The National Cybersecurity Plan must be developed by DICT in accordance with RA 10844, hence, the National Cybersecurity Plan 2028 (NCSP 2028) draft is meant to serve as a guide for consultations, with the goal of using comments to improve the final version of the NCSP, which is scheduled to be released before the end of 2023.
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The Privacy Commissioner, Michael Webster, has issued warnings regarding safeguarding personal information while utilising artificial intelligence (AI), addressing the private and public sectors. In releasing his expectations, Webster emphasised the need for adaptability as technological advancements in AI continue to evolve rapidly.
Webster’s emphasis on organisations exercising caution in handling personal information within the realm of AI highlights the critical need to balance the potential gains in productivity with the inherent privacy risks involved. With the increasing reliance on AI systems like ChatGPT, it becomes crucial to address the challenges associated with managing and controlling the information fed into these systems.
One key concern lies in the difficulty of retrieving information once it has been input into AI systems. Unlike traditional data storage methods, where retrieval is relatively straightforward, AI systems often lack easily accessible mechanisms to retrieve specific information. This poses significant challenges in ensuring the accuracy, integrity, and privacy of the data that has been processed.
Furthermore, the controls governing the usage of personal information within AI systems are often limited in scope. As AI technologies rapidly advance, it becomes imperative to establish robust frameworks and mechanisms to regulate and govern the use of personal data. Without adequate controls, there is a risk of unauthorised access, misuse, or inappropriate handling of sensitive information, leading to privacy breaches and potential harm to individuals.
Webster’s warning reminds organisations to carefully evaluate and address these concerns before implementing AI solutions. Organisations must thoroughly assess AI’s potential risks and implications, especially when handling personal or confidential information. This includes considering the AI system’s privacy impact, security measures, and ethical considerations.
In light of these concerns, Webster emphasised that agencies should conduct comprehensive due diligence and privacy analyses to ensure compliance with the law before venturing into the realm of generative AI. He advised against incorporating personal or confidential information into AI systems unless explicit confirmation is obtained that such data will not be retained or reused. One alternative approach could involve removing any re-identifiable information from input data.
Considering the potential privacy implications, staff members were encouraged to evaluate the necessity and proportionality of using AI and to explore alternative methods if available. Seeking approval from supervisors and privacy officers and transparently informing customers about the use of AI were recommended practices. Additionally, Webster emphasised the importance of human review of any AI-generated information before taking any consequential actions based on it.
Webster further outlined the steps agencies should undertake when considering the implementation of AI. These include conducting due diligence, performing a privacy analysis, and carrying out a Privacy Impact Assessment. Seeking feedback from impacted communities, including Māori, and requesting clarification from AI providers regarding privacy protections designed into their systems were identified as critical components of the evaluation process.
Before this, the commissioner had communicated his concerns to government agencies, cautioning against the hasty adoption of AI without proper assessment. He underscored the need for a holistic, government-wide response to address the emerging challenges posed by this technology.
The Privacy Commissioner’s warnings emphasise the imperative of preserving privacy rights when utilising AI. Organisations must exercise caution, conduct thorough assessments, and implement adequate safeguards to protect personal information in the face of AI’s evolving landscape.
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Singapore will spend about S$3.3 billion on information and communications technology (ICT) this year. This is on top of the money it has spent in previous years to improve its digital infrastructure and make services better for people, companies, and government workers.
Over the last five years, the government has spent about S$16 billion on ICT. In both FY 2021 and FY 2022, it was expected that S$3.8 billion would be spent on ICT. In the past, attempts to combine the demand for ICT services through bulk tenders and to update the back-end ICT infrastructure of the government through the cloud have saved money.
“Our ICT investments in the past five years have laid a firm foundation for the next bound of digital government,” said Kok Ping Soon, Chief Executive, GovTech.
He added that the Government will maintain a high level of ICT spending in 2023, as they continue to push ahead with the cloud strategy and find more ways to work closely with the industry through co-developed projects and bulk tenders. Providing opportunities for SMEs to take on government projects is also important, as SMEs form a key pillar of our Smart Nation efforts, he continued.
More than 30% (S$1 billion) of what the government plans to spend on ICT in FY 2023 will go towards developing apps for the Government Commercial Cloud (GCC).
Since the “Cloud First” Strategy was announced in October 2018, about 66% of qualified government systems have been moved to the Government Commercial Cloud (GCC). This makes it possible to reach the goal of 70% by the end of 2023.
In FY 2023, co-developed projects with industry are projected to be worth about 45% (S$1.49 billion) of all spending, up from 27% in FY 2022 and 20% in FY 2021.
Co-developed projects save time and money by using the SG Tech Stack and other government platforms for security compliance and interoperability, as well as reusing well-tested software components to build apps quickly.
Currently, 27 companies are qualified to work with the government on projects using the SG Tech Stack. When the S$0.62 billion Agile Co-Development and ICT Professional Services bulk tender is called in FY 2023, this list of providers will be updated.
In co-developed projects, engineers and developers from the government may oversee building one part while their peers from the private sector build another. This is different from the usual outsourced approach, in which a vendor builds the whole project based on what the government agency wants.
As a result of the Government’s planned ICT spending for FY 2023, a lot more projects will be given out through bulk bids. About 76%, or S$2.5 billion, of the planned spending will go to these projects. In FY 2022, only 27% of the spending went to these projects. By putting together all the requests for the same ICT goods and services, bulk tenders have helped public agencies save money, time, and effort.
This year, there are three important bulk contracts worth a total of S$1.85 billion: Enterprise Software-as-a-Service (SaaS), Hosting Support Services (HSS), and Personal Computers & Printer.
Small and medium-sized businesses (SMEs) still have a lot of chances, as nearly 80% of all procurement opportunities for FY 2023 will be open to SMEs, which is the same as the previous year.
The Ministry of Sustainability and Environment previously indicated that starting in 2024, government ICT contracts will include environmental sustainability criteria.
Suppliers who participate in the forthcoming PC and Printer bulk tender must follow energy and environmental regulations and reuse packaging and materials.
Additionally, GovTech is trying to optimise code reuse for cloud projects in FY 2023 and reduce the carbon footprint of the cloud infrastructure in GCC and government data centres to satisfy BCA-IMDA Green Mark criteria.
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Indonesia’s National Consumer Protection Agency (BPKN) is committed to protecting consumers’ interests and ensuring Indonesia’s banking sector’s integrity. In light of the increasing threats posed by cyber-attacks, BPKN recognises the significance of robust security measures, particularly for financial institutions like BSI operating in the realm of Islamic banking.
Mufti Mubarak, the Deputy Head of BPKN, said that the agency is committed to ensuring boosting cybersecurity further. He emphasised that the agency will diligently monitor all cyber incidents until they are resolved.
By asserting its commitment to comprehensive cyber security, BSI demonstrates its dedication to protecting its customers’ confidential information, financial transactions, and the overall integrity of its banking operations. BPKN’s guarantee instils confidence in BSI’s customers and the general public, assuring them that BSI has taken significant measures to fortify its cyber defences.
As technology advances, cybercriminals continue evolving tactics, making it crucial for financial institutions to remain vigilant and proactive in countering potential threats. BPKN’s unwavering vigilance and commitment to overseeing this matter ensures that cyber-attacks targeting BSI will be swiftly addressed and resolved.
The report stated that Indonesia’s cybersecurity index score was 38.96 out of 100 in 2022. This figure places Indonesia as the third lowest among G20 countries. On a global scale, Indonesia ranks 83rd out of 160 countries on the list mentioned in the report. Enhancing cyber security requires significant support and collaboration from relevant stakeholders.
This support is evidenced by the National Cyber and Crypto Agency (BSSN) and the Indonesian ICT Association are recently actively engaged in cybersecurity initiatives. They coordinated a seminar to educate and create awareness about cyber security. The workshop’s objective is to enhance public understanding of the significance of cyber security in the digital era.
The field of cybersecurity has long been confronted with various challenges. In order to establish a strong and resilient cyber security framework, it is crucial for all stakeholders, including the private sector and the government, to collaborate and foster more effective models that can proactively anticipate and mitigate future cyber attacks, which often transpire unpredictably.
Furthermore, the government, through Presidential Regulation Number 53 of 2017 concerning the National Cyber and Crypto Agency (BSSN), and its amendment, Presidential Regulation Number 133 of 2017, established the BSSN. The agency is responsible for effectively and efficiently implementing cybersecurity by utilising, developing, and consolidating all elements related to national cybersecurity.
BPKN’s dedication to upholding the highest standards of cybersecurity is a testament to its role as a consumer protection agency, safeguarding the rights and interests of individuals who entrust their financial well-being to institutions like BSI.
BSSN formulates the Indonesian Cyber Security Strategy as a shared reference for all stakeholders involved in national cyber security. This strategy is a framework for acquiring and developing cybersecurity policies within their respective institutions.
Their commitment to diligently resolving this case demonstrates their tireless efforts and dedication to addressing the emerging challenges posed by the rapidly evolving digital landscape. By proactively tackling these challenges head-on, they strive to foster a resilient and secure banking ecosystem that safeguards the interests of all stakeholders involved.
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The Centre for Advanced 2D Materials (CA2DM) at the National University of Singapore (NUS), an innovator in the study of graphene and other 2-dimensional (2D) materials and the global leader in niobium products and technology, has created the first niobium-graphene batteries, which will solve all these problems.
Many modern gadgets, such as mobile phones, pacemakers, and electric vehicles, rely on batteries for electricity. Traditional lithium-ion batteries, on the other hand, have drawbacks such as safety issues, short life cycles, and lengthy charging periods.
Because traditional lithium-ion batteries have these limits, digital innovation has fuelled the development of novel battery technologies, such as niobium-graphene batteries, to overcome these concerns and revolutionise power solutions for modern gadgets.
The batteries are being evaluated at a new advanced battery laboratory that was recently created with a joint investment of USD 3.8 million (S$5 million) over three years, supported by the National Research Foundation of Singapore.
According to Professor Antonio Castro Neto, Director of CA2DM, the advanced battery laboratory is the most technologically advanced and well-equipped facility in Singapore for exploring new frontiers in battery technology.
The lab provides advanced equipment for researchers to generate new solid electrolytes, build diverse cell shapes, and ultimately put their inventions to the test. They have made great progress in developing niobium-graphene batteries, which are proving to be game changers in terms of safety, efficiency, and sustainability.
When compared to standard lithium-ion batteries, the pioneer niobium-graphene batteries have demonstrated superior performance and safety. Also, volatile, and flammable liquid electrolytes in lithium-ion batteries will be replaced by niobium-containing solid electrolytes, improving the safety and energy density of the innovative batteries.
Long life cycles, safety, fast charging, enhanced performance, and sustainability are all advantages of niobium-graphene batteries.
Niobium is the major active material in the negative electrode of batteries and is also used as an additive in the positive electrode. Graphene, on the other hand, is used to improve electronic conductivity and structural stability in both negative and positive electrodes.
The unique crystal structure of niobium materials in the negative electrode enables rapid charging without compromising the structure. Niobium materials in the positive electrode can increase ionic conductivity and protect the active material from degradation. In addition, the low density of graphene significantly enhances the electronic conductivity of both electrodes without diminishing the battery’s overall energy density.
In the first quarter of 2024, the final prototype of the niobium-graphene battery is anticipated to be completed.
As they have a longer lifespan than existing lithium-ion batteries, the new graphene-niobium batteries substantially reduce the total cost of ownership and have ultrafast charging capabilities. In addition, they offer a higher level of safety because even at high temperatures there is no danger of explosion.
In addition to being the first batteries to combine niobium applications on both the cathode and the anode, they also offer higher input and output power, a broader temperature operating range, and a higher state of charge. Thus, commercial and industrial applications, including regenerative braking systems for hybrid vehicles such as rails, trucks, and passenger cars; and heavy-duty applications, intralogistics, and cordless power tools, among others, can be developed for specific markets.
The new laboratory is outfitted with state-of-the-art facilities for advanced niobium-based batteries and solid electrolytes research and production.
The versatility of niobium-graphene batteries is a result of their high-performance capabilities. In the medical sector, they can power life-saving devices such as pacemakers and defibrillators, providing dependable and durable energy sources for life-saving procedures.
In the aerospace industry, batteries can be used in satellites and spacecraft to provide reliable and efficient power solutions for space missions. Niobium-graphene batteries are suitable for environments where dependability, longevity, and safety are of the utmost importance due to their durability and performance.
