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Panel discusses strategies to enhance the cyber resilience of Singapore’s financial sector

At its inaugural meeting on 5th – 6th October, The Monetary Authority of Singapore's (MAS) Cyber Security Advisory Panel (CSAP) discussed strategies to enhance the cyber resilience of Singapore’s financial sector. The discussions covered areas ranging from regulatory guidance, supervision, and surveillance to information sharing and capability development.

CSAP members agreed that having strong basic cyber hygiene practices was fundamental in securing cyber resilience.  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.  CSAP members highlighted the importance of conducting realistic penetration tests, including ‘red-teaming,’ (ethical hacking to test organizational defences / defences).  

CSAP members advocated the use of data analytics and machine learning to make sense of the voluminous information that is collated in monitoring for cyber incidents.  They were unanimous in emphasising the importance of timely information sharing by financial institutions of cyber incidents and developments.

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