Singapore's major bank wants banks to enhance their IT security

The central bank of Singapore has just stressed that it’s up to banks to maintain a high level of security as for their crucial IT systems, thus following recent cyber attacks carried out with the help of the SWIFT financial messaging system.      

The Monetary Authority of Singapore actually expects the country’s financial institutions to implement strict controls in their IT systems in full compliance with the MAS Technology Risk Management Guidelines, as the country’s statesman responded to media queries.

The measures suggest maintaining a high level of security for the most critical IT systems, including this widespread SWIFT.

Earlier this week, Vietnam's Tien Phong Bank informed it had successfully interrupted an attempted cyber attack, involving the use of fake SWIFT messages, exactly the same fraud technique at the heart of February's massive cybercrime, the theft from the Bangladesh major bank.

Singapore's MAS is going to keep monitoring the overall security landscape as well as threats faced by the financial industry and offer guidance where it’s required.



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