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The Monetary Authority of Singapore (MAS) has established an International Advisory Panel (IAP) to strengthen the country’s cyber and technology resilience in the financial sector. The move comes amid growing concerns over rising cyber threats and the vulnerabilities that come with the increasing digitalisation of banking and financial services.
The IAP, which comprises cybersecurity, technology, and finance experts from around the world, is tasked with providing strategic advice to MAS on enhancing the sector’s defences against cyber risks. The panel’s insights are expected to play a key role in shaping Singapore’s approach to operational resilience and cybersecurity, ensuring that financial institutions remain well-protected against emerging threats.
This development reflects MAS’s commitment to leveraging global expertise to address the increasing complexity of cyber risks facing the financial industry. The panel will offer guidance on the development of robust cybersecurity measures and policies, helping Singapore’s financial institutions stay ahead of potential vulnerabilities.
Cybersecurity has become a pressing issue for financial regulators worldwide as cyberattacks have grown more frequent and sophisticated. The digitalisation of the financial sector—through digital banking, fintech innovations, and cloud adoption—has introduced new challenges for regulators, with institutions increasingly exposed to cyber threats.
The panel is expected to focus on key areas such as improving cybersecurity frameworks, minimising disruption risks, and ensuring the financial system’s ability to recover quickly from potential incidents.
One of the IAP’s main objectives is to foster collaboration between financial institutions, technology providers, and regulators. The goal is to develop a cohesive framework that balances efficiency with robust cybersecurity. The panel’s advice will also help MAS align its policies with international best practices, ensuring that Singapore remains a leader in cybersecurity for the financial sector.
By adopting insights from jurisdictions with advanced cybersecurity systems, MAS aims to enhance the resilience of its financial institutions. The panel will also support MAS in drafting updated guidelines to strengthen Singapore’s regulatory framework.
MAS’s decision to launch the IAP underscores its proactive approach to risk management in the digital age. With the financial sector becoming increasingly reliant on technology, the resilience of financial systems has become more important than ever.