News Risk Management05 Dec 2018

Singapore:Launch of new $30m grant to enhance cybersecurity capabilities in financial sector

05 Dec 2018

The Monetary Authority of Singapore (MAS) has launched a new S$30m ($22m) grant to strengthen the cyber resilience of the financial sector in Singapore and help financial institutions develop local talent in cybersecurity.

The Cybersecurity Capabilities Grant will support the development of advanced cybersecurity functions in Singapore-based financial institutions (FIs). Some of the qualifying functions include security operations, cyber threat surveillance and intelligence gathering, computer forensics, malware research and analysis, and cyber threat hunting.

It will co-fund up to 50% of qualifying expenses, capped at S$3m, for FIs to establish their global or regional cybersecurity centres of excellence in Singapore; and for FIs with key global or regional cybersecurity functions and operations in Singapore to expand and deepen their cybersecurity capabilities locally.

The Grant will also encourage Singapore-based FIs to upskill their local workforce through cybersecurity-related training programmes. This will help attract more cybersecurity professionals and expand the local talent pool in the financial sector.

MAS chief cyber security officer Tan Yeow Seng said, “The Singapore financial sector has made significant progress in recent years in building up cyber resilience and managing cyber risk.  But the cyber threat landscape continues to evolve and we have to constantly strengthen our cyber capabilities. The Cybersecurity Capabilities Grant will support financial institutions in advancing their cybersecurity technology and manpower needs.”

The Grant is funded under the Financial Sector Technology and Innovation Scheme, which was introduced by MAS in June 2015 to support the creation of a vibrant ecosystem for innovation in the financial sector.

Applications for the grant are now open. Interested FIs can write to fsdf@mas.gov.sg for more information.

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