MAS panel discusses ways to improve cyber resilience of Singapore's financial sector

 "Panel members agreed that having strong basic cyber hygiene practices was fundamental in securing cyber resilience," the MAS said on Friday.
"Panel members agreed that having strong basic cyber hygiene practices was fundamental in securing cyber resilience," the MAS said on Friday.PHOTO: ST FILE

SINGAPORE - The Monetary Authority of Singapore's (MAS) cyber security advisory panel met for the first time on Thursday and Friday (Oct 5 and 6) with strategies to enhance the cyber resilience of the financial sector top of the agenda.

The discussions covered areas ranging from regulatory guidance, supervision and surveillance to information sharing and capability development.

"Panel members agreed that having strong basic cyber hygiene practices was fundamental in securing cyber resilience," the MAS said on Friday.

"They also suggested that it was important to strengthen the competency and capability of the boards of financial institutions to exercise effective oversight of cyber risk management."

MAS managing director Ravi Menon, who chaired the meeting, said: "It provided MAS an opportunity to validate its strategy for strengthening cyber resilience in the financial sector and to identify areas where we need to do more."