The Monetary Authority of Singapore (MAS) has revised its Technology Risk Management guidelines amid heightened cyber risk.
According to the regulator, the revised guidelines focus on addressing technology and cyber risks as financial institutions (FIs) increasingly employ the likes of cloud technologies, application programming interfaces, and rapid software development. These guidelines reinforce the importance of incorporating security controls as part of FIs’ technology development and delivery lifecycle, as well as in the deployment of emerging technologies.
The revision comes after a spate of cyberattacks on supply chains, targeting multiple IT service providers through the exploitation of widely-used network management software.