MAS plans to han­dle tech­nol­ogy risk

Banking Frontiers - - Regulator -

The Mon­e­tary Au­thor­ity of Sin­ga­pore pro­poses to strengthen its ca­pa­bil­ity to han­dle tech­nol­ogy risk by putting in place mea­sures that would re­quire fi­nan­cial in­sti­tu­tions to de­velop op­er­a­tional re­silience. The plan is to ex­pand its Tech­nol­ogy Risk Man­age­ment (TRM) Guide­lines is­sued in 2013 and the Busi­ness Con­ti­nu­ity Man­age­ment (BCM) Guide­lines is­sued in 2003. MAS said the 2 guide­lines con­tinue to em­pha­size the im­por­tance of risk cul­ture, and the roles of board of di­rec­tors and se­nior man­age­ment in tech­nol­ogy risk and busi­ness con­ti­nu­ity man­age­ment. The reg­u­la­tor also wants to con­sider the rapidly chang­ing phys­i­cal and cy­ber threat land­scape. It pro­poses to ex­pand the TRM Guide­lines to in­clude guid­ance on ef­fec­tive cy­ber sur­veil­lance, se­cure soft­ware de­vel­op­ment, ad­ver­sar­ial at­tack sim­u­la­tion as well as the man­age­ment of cy­ber risks posed by the In­ter­net of Things (IOT).

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