Financial sector business continuity exercise takes place in Singapore
- Published: Friday, 25 August 2017 08:12
The Association of Banks in Singapore (ABS) has announced that a large-scale sector-wide business continuity exercise was successfully conducted on Thursday, 24th August 2017.
The exercise was the fifth in the Exercise Raffles series, with 139 financial institutions including banks, finance companies, insurers, asset management firms, securities and brokerage firms, financial market infrastructures, industry associations, the Singapore Exchange as well as the Monetary Authority of Singapore (MAS) participating.
The exercise was conducted with the support of the Ministry of Home Affairs, the Singapore Police Force, the Ministry of Communications and Information, the Cyber Security Agency of Singapore and the building and facilities management from approximately 50 buildings.
During the exercise, financial institutions practised established crisis management and contingency plans in response to simulated scenarios on terrorist and cyber attacks that had disrupted operations and resulted in the unavailability of financial services.
Mrs Ong-Ang Ai Boon, director of ABS, said: “The exercise was valuable and provided an opportunity to practise coordination amongst the financial institutions, including crisis responses and sharing of information. The exercising of communication and co-ordination between financial institutions and authorities was intense and challenging. There are good lessons that the industry gained which will contribute towards enhancing the responsiveness and resilience of Singapore’s financial sector.”
Mr Ho Kai Weng, chief executive of the General Insurance Association, said: “Recent developments in many countries around the world have highlighted the danger from cyber and physical threats. This exercise has emphasised the importance for the general insurance industry to collaborate in sharing information, undertaking active discussions and testing threat response and business continuity plans.”
The exercise was organized by ABS with the support of MAS.