The Monetary Authority of Singapore (MAS) has established and hosted the inaugural Financial Sector Cloud Resilience Forum for Asia Pacific financial regulators, institutions, and cloud service providers (CSPs). The aim of the twice-yearly forum is to exchange views on appropriate public cloud risk management practices for the financial sector.
Key points from the initial forum include:
- CSPs will need to assist their financial institution clients to maintain high standards of operational resilience. The forum stressed the importance of cooperation between financial regulators, FIs, and CSPs to develop the IT resilience and security best practices that are required to meet stringent financial sector resilience standards.
- Information sharing between CSPs and financial regulators will be critical. The participants called for greater information sharing between financial regulators and CSPs on cloud technology and cyber security risk management practices, to build collective competencies to address risks that may be unique to public cloud deployment.