The Monetary Authority of Singapore (MAS) has established an international panel to advise it on strategies to enhance the cyber resilience of Singapore's financial sector.

The Cyber Security Advisory Panel (CSAP) will comprise cyber security thought leaders from around the world, MAS said in a statement yesterday.

Specifically, CSAP will provide global perspectives on evolving technologies and cyberthreats and their implications for financial services, as well as insights on best practices in cyber security strategies, said Singapore's central bank.

"As financial institutions adopt new technologies and financial services are increasingly distributed using digital platforms, strong cyber security is critical to sustaining trust and confidence," said MAS managing director Ravi Menon.

"We look forward to tapping the CSAP's expertise to help ensure that Singapore's financial sector remains dynamic and secure in an increasingly digital world."

The panel's first meeting will take place next month.

Its 11 members will serve a two-year term.