MAS proposes measures to strengthen financial sector vs threats

The Monetary Authority of Singapore’s Cyber and Technology Resilience Experts (CTREX) Panel has recommended measures to strengthen technology resilience and address emerging threats in the financial sector. At its inaugural meeting on April 16, the panel called for a service-centric, customer-focused approach to operational resilience, unscripted IT disaster recovery drills, and improved risk management of third-party and open-source software. It also urged financial institutions to prepare for a post-quantum security landscape by identifying cryptographic tools vulnerable to quantum attacks. To combat increasingly sophisticated scams, the panel proposed AI-powered fraud detection, phishing-resistant authentication, and enhanced information sharing. The panel, established in August 2024, also hosted a seminar with the Association of Banks in Singapore to engage industry professionals on these challenges.