The Monetary Authority of Singapore on Aug. 6 released legally binding regulations to strengthen the financial sector's cybersecurity standards amid growing cyber threats as a result of an increased digital footprint and widespread use of the Internet.
Under the new cyber hygiene rules, financial institutions will need to establish and implement robust security for IT systems and ensure their system security is updated on a timely basis. The rules would also require companies to put measures in place for restricting unauthorized network traffic and mitigating malware-infection risks.
The central bank added that companies will need to secure the use of system accounts with special privileges to prevent unauthorized access and strengthen user authentication for critical systems as well as systems used to access customer information.
The measures will take effect Aug. 6, 2020.