trending Market Intelligence /marketintelligence/en/news-insights/trending/fbqgd32knvckppovgja-pg2 content esgSubNav
In This List

Singapore proposes new cybersecurity requirements for financial institutions


Banking Essentials Newsletter: 7th February Edition


Insurance Underwriting Transformed How Insurers Can Harness Probability of Default Models for Smarter Credit Decisions

Case Study

A Bank Outsources Data Gathering to Meet Basel III Regulations


Private Markets 360° | Episode 8: Powering the Global Private Markets (with Adam Kansler of S&P Global Market Intelligence)

Singapore proposes new cybersecurity requirements for financial institutions

The Monetary Authority of Singapore proposed tighter rules for financial institutions to help them enhance their cyber resilience and guard against cyber attacks.

The central bank said Sept. 6 that financial institutions would be required to address system security flaws in a timely manner and implement robust security for its systems. Further, the proposed rules would require financial institutions in the city-state to deploy devices to secure system connections and install anti-virus software to reduce the risk of malware infection.

In addition, the central bank would require financial institutions to restrict the use of system administrator accounts that can modify system configurations and improve user authentication for system administrator accounts on critical systems.

The measures are already part of the central bank's existing technology risk management guidelines. The central bank said it is proposing to stipulate the measures as a baseline hygiene standard for cybersecurity by elevating them into legally binding requirements.

A public consultation on the proposed measures will run from Sept. 6 to Oct. 5.