The Monetary Authority of Singapore is the central financial regulatory authority and the central bank of Singapore and is freshly focusing on enhancing cyber security. Cyber Security Advisory Panel held by the MAS cited against collective efforts that manage cyber security measures adoption throughout supply chains in the IT industry.
Adopting Cyber Security Standards over IT Supply Chains
The panel stressed the enactment of standards in cyber security over IT supply chains. The panel also emphasized the embodiment of security studies during the life cycle for systems. The panel also steered to the significance of efficient system surveillance and routine log reports to promote prompt discovery of unusual cyber activities. The panel explicitly supported adopting a zero-trust safety architecture and principle that can manage attacks in the supply chain for IT and advanced cyber threats.
Multi-factor Authentication and Its Role in Securing Digital Financial Services
Additionally, the panel considered cyber risks and mitigating efforts in rising technologies such as digital currencies and blockchain. The CSAP also remarked that multi-factor authentication remains to be an effective and key tool when it comes to acquiring secure digital financial facilities. Moreover, it was also advised that regional financial institutions supplement the MFA processes amidst data analytics and transaction notification to identify cyber intrusions proactively, especially since any continual risk compromises the existing MFA systems.
Complementing Ecosystem to Promote Safety
Additionally, the panel emphasized the necessity for an ecosystem strategy to shape closer public-private partnerships and cross-border collaboration to foil and deter ransomware attacks. It talked about the significance of defending ‘golden source’ data backup for efficient service recovery. The panel also counseled that financial institutions need to contemplate executing perpetual data storage technologies that remain immune to ransomware attacks.
Need to Develop a Pool of Competent Professionals
Regarding security competency and awareness of developers, the panel noted that specifically the current level of expertise over blockchain space was not up to the mark and suggested efforts to enhance security in the lifecycle of software development. About the cyber security talent hunt, they highlighted the necessity of building up a comprehensive group of IT professionals that are proficient in both cyber security and blockchain technology. The panel also advised the need to make more tools easily accessible that can help in the testing of blockchain and security implementation.
Singapore’s Cybersecurity Strategy 2021
These latest concerns constructed by the CSAP came right after the release of the latest Cybersecurity Strategy 2021 in Singapore. Released on 5th October this year, the new strategy appeared five years following the first Cybersecurity Strategy in 2016. It simplifies cyber security primarily for end-users and acquires deeper partnerships with the industry to accommodate the changes taking place in the cyber atmosphere.
According to the Cyber Security Agency of Singapore, the latest strategy sketches Singapore’s policies to be more proactive against cyber threats, raising the cumulative strength of cyber security over the country and advancing international standards and norms for cyber security.
Singapore’s Focus on Cyber Security
Right before the release of the 2021 plan, Yong Ying-I, Singapore’s Permanent Secretary for Information and Communications, announced that she wants to see modernized processes and policies, and the enactment of security policies, to support the country in fending off developing operational technology cyber warnings.
In conjunction, Singapore also hosted the ASEAN Ministerial Conference on Cybersecurity, the sixth edition of the Singapore International Cyber Week. A week ago, earlier this year in August, the United States and Singapore signed a memorandum of understanding (MoU) that aims to strengthen information sharing and foster cyber security dialogues between these two countries.