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Singapore’s financial sector conducts two-day cyber-themed business continuity exercise

The Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) recently conducted a cyber-themed business continuity exercise to strengthen the financial sector’s resilience to cyber attacks and operational disruptions. Codenamed Exercise Raffles, the sixth edition of the exercise was conducted over two days ending on 21st November.

Exercise Raffles saw financial institutions respond to scenarios of cyber attacks and operational disruptions by activating their business continuity and crisis management plans, and practicing their public communications and coordination. The scenarios included banking and payment service disruptions, trading disorders, data theft and the spreading of rumours and falsehoods on social media.

Mr Tan Yeow Seng, Chief Cyber Security Officer, MAS, said: “The continually evolving cyber threat landscape and increasing inter-connectedness in the financial sector calls for close collaboration within the financial ecosystem to effectively counter the threats. Exercise Raffles brings together the public and private sectors to test the response capabilities and develop comprehensive plans to improve cyber preparedness. Among the many learning points from the exercise, was the need for better coordination to manage the implications of operational disruptions in one financial institution on others within and beyond the financial sector.”

Exercise Raffles involved over 140 organisations, including banks, insurers, capital market services licensees, financial utility providers, finance companies, industry associations, and the Singapore Exchange. The exercise was also supported by the Cyber Security Agency of Singapore (CSA) and financial industry partners that included SWIFT, FIS Global, and Merimen Technologies (Singapore) Pte Ltd. The Financial Services Information Sharing and Analysis Center (FS-ISAC) and the Hong Kong Monetary Authority (HKMA) took part for the first time.

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