SINGAPORE: Financial institutions in Singapore could have to implement six security measures as part of new proposed requirements by the Monetary Authority of Singapore (MAS) to strengthen their cyber resilience and better guard against cyberattacks.
In a press release on Thursday (Sep 6), the central bank said breaches are often the result of insecure system configurations or compromised system accounts.
AdvertisementTo counter this risk, it is proposing for financial institutions to implement these six measures:
- Address system security flaws in a timely manner
- Establish and implement robust security for systems
- Deploy security devices to secure system connections
- Install antivirus software to mitigate the risk of malware infection
- Restrict the use of system administrator accounts that can modify system configurations
- Strengthen user authentication for system administrator accounts on critical systems
This is a further move by MAS to safeguard the industry from online attacks in the wake of the SingHealth attack that resulted in 1.5 million patient records being stolen.
AdvertisementAdvertisementMAS in July had instructed all financial institutions to tighten their customer verification process, and that they should not rely solely on the types of information stolen such as name, NRIC number and address.
The public consultation will run from Sep 6 to Oct 5 this year, and the consultation paper is available on MAS' website, it added.
Let's block ads! (Why?)
More...