The Financial Authority of Singapore’s (MAS) Cyber Safety Advisory Panel (CSAP) introduced that has mentioned methods to boost the cyber resilience of Singapore’s monetary sector, at its inaugural assembly on 5-6 October. The discussions coated areas starting from regulatory steerage, supervision, and surveillance to info sharing and functionality improvement. The listing of CSAP members who attended the assembly will be present in Annex A.
CSAP members agreed that having sturdy fundamental cyber hygiene practices was elementary in securing cyber resilience. Additionally they steered that it was essential to strengthen the competency and functionality of the boards of economic establishments to train efficient oversight of cyber threat administration. CSAP members highlighted the significance of conducting life like penetration checks, together with “red-teaming”.
Acknowledging the problem posed by the voluminous info that’s collated in monitoring for cyber incidents, CSAP members advocated the usage of knowledge analytics and machine studying to make sense of the knowledge. They have been unanimous in emphasising the significance of well timed info sharing by monetary establishments of cyber incidents and developments.
Mr Ravi Menon, Managing Director, MAS, who chaired the CSAP assembly, mentioned:
It was a wealthy and fascinating dialogue. The assembly supplied MAS a possibility to validate its technique for strengthening cyber resilience within the monetary sector and to determine areas the place we have to do extra. We’re grateful to CSAP members for his or her sharp insights and useful recommendations.
Mr David Koh, Chief Government, Cyber Safety Company of Singapore and a member of the CSAP, commented:
The creation of the CSAP is a laudable initiative by MAS. The Panel brings collectively distinguished people from world wide, with a wealthy and various vary of expertise and experience within the cybersecurity, banking and finance domains. The standard insights and concepts generated will definitely enhance our collective efforts to reinforce the cybersecurity posture of Singapore’s banking and monetary sector.
The CSAP additionally met members of The Affiliation of Banks in Singapore’s Standing Committee on Cyber Safety, comprising of Chief Info Safety Officers from key monetary establishments. They exchanged views on technological developments within the monetary sector, corresponding to FinTech and synthetic intelligence, and cyber safety challenges confronted by the business. CSAP members additionally met DPM Tharman Shanmugaratnam, Chairman of MAS, and exchanged views on creating skills and capabilities in cyber safety.
The CSAP will convene once more in 2018 for its subsequent annual assembly.