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Singapore proposes new cybersecurity requirements for financial institutions

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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.