The Monetary Authority of Singapore (MAS) has issued a consultation on proposed requirements for financial institutions in Singapore to implement essential cyber resilience measures to protect their IT systems.
Under the proposals, financial institutions will be required to implement six baseline cyber security measures:
- Address system security flaws in a timely manner;
- Establish and implement robust security for systems;
- Deploy security devices to secure system connections;
- Install anti-virus software to mitigate the risk of malware infection;
- Restrict the use of system administrator accounts that can modify system configurations; and
- Strengthen user authentication for system administrator accounts on critical systems.
The public consultation will run until 5th October 2018.