Overview
Digital transformation expands the options and accessibility of financial services to consumers. Financial institutions' exposure to cyber risks could increase and this could lead to operational disruptions and data breaches.
Every financial institution plays an important role in building a cyber resilient financial sector.
A cyber-attack can result in a prolonged disruption of business activities. Threats are constantly present and evolving in sophistication. We cannot afford to be complacent. Financial institutions must therefore remain vigilant and have in place effective technology risk management practices and robust business continuity plans to ensure prompt and effective response and recovery.
- Tan Yeow Seng, MAS Chief Cyber Security Officer
MAS Consults on Proposed Enhancements to Technology Risk and Business Continuity Management Guidelines
Regulations and Guidance
Please be informed of the changes in reference made in the technology risk management and cyber hygiene notices with effect from 10 May 2024.
| Technology Risk Management Notice (TRMN) |
Cyber Hygiene Notice (CHN) |
|||
| Financial Institutions (FIs) | Prior to 10 May 2024 | From 10 May 2024 | Prior to 10 May 2024 | From 10 May 2024 |
| Insurers and Insurance Agents | TRMN 127 | FSM-N03 | CHN 132 | FSM-N04 |
| Banks | TRMN 644 | FSM-N05 | CHN 655 | FSM-N06 |
| Credit Card or Charge Card Issuers | TRMN 644A | FSM-N07 | CHN 655A | FSM-N08 |
| Finance Companies | TRMN 830 | FSM-N09 | CHN 834 | FSM-N10 |
| Merchant Banks | TRMN1114 | FSM-N11 | CHN1118 | FSM-N12 |
| Licensees, Operators and Settlement institutions of Designated Payment Systems and Digital Payment Token Service Providers | PSN05 | FSM-N13 | PSN06 | FSM-N14 |
| Money Brokers | TRMN 912 | FSM-N15 | - | - |
| Designated Financial Holding Companies | - | - | CHN FHC-1119 | FSM-N16 |
| Credit Bureaus | TRMN CBN02 | FSM-N17 | CHN CBN03 | FSM-N18 |
| Insurance Brokers | TRMN 506 | FSM-N19 | CHN 507 | FSM-N20 |
| Capital Markets Financial Institutions | TRMN CMG-N02 | FSM-N21 | CHN CMG-N03 | FSM-N22 |
| Licensed Financial Advisers | TRMN FAA-N18 | FSM-N23 | CHN FAA-N21 | FSM-N24 |
| Licensed Trust Companies |
TRMN TCA-N05 | FSM-N25 | CHN TCA-N06 | FSM-N26 |
Notices on Cyber Hygiene
View the requirements relating to cyber security for the different types of financial institutions.
Notices on Technology Risk Management
View the requirements relating to technology risk management for the different types of financial institutions.
Guidelines on Technology Risk Management
View principles and best practice standards to guide financial institutions in managing technology risk.
Advisory Panels and Committees
The MAS Cyber Security Advisory Panel (CSAP), formed in 2017, comprises leading cyber security experts and thought leaders. The panel advises on strategies for MAS and financial institutions in Singapore to sustain cyber resilience and trust in our financial system.
Find out more about the Cyber Security Advisory Panel.
What's New
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"Growing a Vibrant Insurance Linked Securities Market in Asia" - Speech by Mr Lim Cheng Khai, Executive Director, Financial Markets Development Department, Monetary Authority of Singapore, at the Artemis ILS Asia Conference 13 July 2023
Steve Evans, Editor in Chief, Artemis Distinguished guests Ladies and gentlemen Introduction 1. Good morning. Thank you for having me at the Artemis ILS Asia Conference. It is good to see the event back for its fifth installation in Singapore. I am happy to be here, to reconnect with friends I’ve met in Artemis New York...
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MAS and ABS lead consortium to harness blockchain technology for more efficient inter-bank payments
The Monetary Authority of Singapore (MAS) and The Association of Banks in Singapore (ABS) announced today that the consortium which they are leading has successfully developed software prototypes of three different models for decentralised inter-bank payment and settlements with liquidity savings mechanisms.