MAS: Greater Banking Security Needed for IT Supply Chain
A panel of global security specialists underlined the banking industry’s IT supply chain as a focal point increasingly targeted by cybercriminals.
The Monetary Authority of Singapore’s (MAS) Cyber Security Advisory Panel (CSAP) recommended source code reviews, system integrity checks, and network anomaly detection amongst other moves to minimize risks. «Multi-layered defence» and «clear expectations for cyber is culture» were also highlighted at the CSAP meeting, according to «Business Times».
CSAP’s global nature will also bode well for its intentions to deepen cyber intelligence-sharing networks to manage other security risks.
More Cooperation
CSAP reiterated the importance of cooperation due to the «interconnected in the financial ecosystem and borderless nature of cyber threats». It named five key activities it would engage to contribute: regulations and guidance; industry collaboration and support; collaboration with national and international agencies; information sharing and; consumer education.
«So What’s next? I have spoken much about the positive steps we have taken. However, we cannot be complacent and rest on our laurels,» said Vincent Loy, MAS assistant managing director (technology) in a statement.
«This CSAP meeting is organized precisely so that we can look forward and identify emerging risks, develop strategies to manage them, and work together to enhance our financial sector’s cyber resilience.»
