Banks must improve cyber risk culture, says MAS panel
A cybersecurity panel moderated by the Monetary Authority of Singapore (MAS) has highlighted the need for financial institutions to increase their resilience and to create a culture which actively looks to prevent breaches.
The Cyber Security Advisory Panel (CSAP) convened in late September, in a discussion chaired by MAS managing director Ravi Menon. It found that risk culture was often a contributing factor during cyber incidents.
According to MAS, CSAP members highlighted that the board and senior management of financial institutions should set “clear expectations for cyber risk culture” and “monitor and assess how well the desired risk management culture is operating across the organisation.”
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The panel also found that IT supply chains are increasingly under risk and under attack by cybercriminals. It recommended that financial institutions should have a multi-layered defence with measures like “source code reviews, system integrity checks and network anomaly detection.”
This week the Singapore government launched its operation technology (OT) Cybersecurity Masterplan, developed by the Cyber Security Agency of Singapore (CSA).
Under the plan, a new “Cybersecurity Information Sharing and Analysis Centre” will be set up together with threat-intelligence hub, while it will also include provisions for firms to gain a code of practice demonstrating their resilience.
“The greatest benefit offered by the new digital world is interconnectivity,” says senior minister, Teo Chee Hean. “The power comes from widening the network to bring on board more users, but in a secure way.”