MAS Mandates Announces New Rules, Applicable from 2020, For Financial Institutions To Deal with Cyber attacks

MAS Mandates Announces New Rules, Applicable from 2020, For Financial Institutions To Deal with Cyber attacks

Last year, the worst data breach in the history of Singapore happened.

The data of around 1.5 million patients of SingHealth, including the Prime Minister, Lee Hsien Loong, was compromised.

Recently, Sephora has also reported a breach of data, and the customers who have been using their online services have been affected.

In the beginning of this year, Capital One bank in America was also hit with a massive violation of data, where the data of almost a hundred million people were accessed illegally.

In the light of such events, on August 6th, the Monetary Authority of Singapore (MAS) introduced the new rules for cyber hygiene.

All the financial institutions in Singapore, as well as their e-payment firms, have to comply or otherwise risk facing sanctions.

The announcement of these rules, which shall be active exactly a year from now have come after MAS had consulted the industry in the last two years.

The Assistant MD of Technology at MAS, Vincent Loy said that they found that ninety percent of the data breach incidents which had happened locally and globally were a consequence of not following basic cyber hygiene.

MAS is the very first financial authority in the entire world that made cyber hygiene mandatory.

The rules regarding cyber hygiene required firms to implement some strong passwords, the process of multi-factor authentication, and the firewalls for restricting unauthorized network traffic.

Thes new rules are applicable to all banks as well as credit card or the charge card issuers, all finance companiies, the insurance companies, exchanges, and brokers, among others.

Firms providing financial technology services, like Grab’s GrabPay and the Singtel’s Dash, and also cryptocurrency exchanges such as Binance and Luno, were also included.