Singapore has recently revised its Technology Risk Management Guidelines so that they now include “strong oversight” of partnerships with third-party companies in order to maintain data confidentiality. The updated guidelines also covered stress tests and security controls, as well as appointments of senior IT executives and third-party vendors.
The Technology Risk Management Guidelines have been revised due to the increasing usage of cloud technologies and application programming interfaces in financial institutions. As the use of technology in the financial sector grows so does the need to incorporated risk mitigation strategies and security controls.
The statement published by Monetary Authority of Singapore (MAS) on Monday said that “the recent spate of cyber attacks on supply chains, which targeted multiple IT service providers through the exploitation of widely-used network management software, is a clear indication of a worsening cyber threat environment.”