We thank Mr Tan Huang Meng for his letter (Do we have backup if bank breaches occur?; July 24).
Technological advances have brought about rapid changes to the way businesses and operations are conducted in the financial industry.
As we adopt more electronic payment solutions, more data will be exchanged online which could potentially be the target of hackers.
The security of our online systems is paramount in order to maintain trust and confidence in the online financial services.
The Association of Banks in Singapore, working closely with the Monetary Authority of Singapore, has guidelines in place for the financial industry to ensure the confidentiality and integrity of our online systems.
These include stringent requirements to establish robust technology risk management frameworks, strong system security, reliability, resiliency, and recoverability, as well as authentication to protect customer data, transactions and systems.
We also conduct regular large-scale, industrywide business continuity exercises for financial institutions to test their crisis management and contingency plans in response to simulated scenarios, including cyber attacks.
These exercises have contributed greatly towards enhancing the responsiveness and resilience of Singapore's financial sector.
Ong-Ang Ai Boon (Mrs)
Association of Banks in Singapore