SINGAPORE: The Monetary Authority of Singapore (MAS) on Friday (Apr 6) issued an advisory to remind financial institutions to remain vigilant against cybersecurity threats.
This follows recent reports of cyber incidents overseas where attackers attempted fraudulent fund transfers using the SWIFT system - a messaging platform that banks use to communicate payment instructions to each other.
MAS’ Chief Cyber Security Officer Tan Yeow Seng said: “The recent cyber incidents present yet another reminder of the constant cyber threats to our financial sector. It is important for all financial institutions to be vigilant.
“MAS has been working with financial institutions in Singapore on a number of initiatives to continuously deepen the sector’s cyber capabilities, taking into account the rapidly changing cyber threat landscape.”
Financial institutions are advised to undertake several measures to guard themselves, including employing strong access controls to restrict the usage of administrator-level system accounts on SWIFT servers.
MAS said it regularly assesses financial institutions' cyber resilience.
AdvertisementAdvertisementWhere there are areas of potential vulnerabilities, MAS requires the financial institution to develop a remedial plan. MAS will then monitor the financial institution’s rectification of such gaps.
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