MAS plans to handle technology risk
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).