Singapore: MAS sets up international advisory panel for cybersecurity
Source: Asia Insurance Review | Nov 2017
The Monetary Authority of Singapore (MAS) has established a Cyber Security Advisory Panel (CSAP), comprising cybersecurity experts from around the world.
The CSAP will advise MAS on strategies to enhance the cyber resilience of Singapore’s financial sector. It will provide MAS with global perspectives on evolving technologies and cyber threats, and their implications for financial services, as well as insights on best practices in cyber security strategies.
During its inaugural meeting in October, the CSAP agreed that having strong basic cyber hygiene practices – the establishment and maintenance of an individual’s online safety – is fundamental in securing cyber resilience. The members also suggested that it was important to strengthen the competency and capability of the boards of financial institutions to exercise effective oversight of cyber risk management.
Use of “red team”
CSAP members also highlighted the importance of conducting realistic penetration tests, including “red-teaming” – use of team of ethical hackers, or a “red team” to continuously test for weaknesses in an organisation’s people, processes and technology by adopting a hacker’s mindset.
Acknowledging the challenge posed by the voluminous information that is collated in monitoring for cyber incidents, they advocated the use of data analytics and machine learning to make sense of the information and emphasised the importance of timely information sharing by financial institutions of cyber incidents and developments.
The CSAP will convene again in 2018 for its next annual meeting. A