SINGAPORE: The Monetary Authority of Singapore (MAS) “expects financial institutions to implement strong controls in their IT systems”, in the wake of two attacks using the Society for Worldwide Interbank Financial Telecommunication (SWIFT) financial messaging system.
The regulator told Channel NewsAsia on Monday (May 16) that this included maintaining a high level of security for their critical IT systems such as SWIFT. “MAS will continue to monitor the security landscape and threats faced by the financial industry and provide guidance where necessary,” a spokesperson said.
MAS’ comments come in the wake of a number of cyber attacks on banks worldwide through SWIFT’s system – a network that allows institutions to carry out financial transactions by sending out messages through a secured global communications network. For the full article click here
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