February 22, 2024

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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.

PARTNER

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.

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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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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 www.planview.com.

SUPPORTING ORGANISATION

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.

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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. 

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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.

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