Regulator is working on IT security guidelines for all financial institutions in Singapore.

The financial industry regulator is proposing steps to forestall technology glitches at financial institutions and to better protect customer information.

The Monetary Authority of Singapore (MAS) is seeking feedback on two consultation papers issued yesterday - the proposed Technology and Risk Management Guidelines, and the Notice on Technology Risk.

The first paper sets out enhanced guidelines for technology risk management, while the second stipulates the legal requirements for the robustness and integrity of critical IT infrastructure and systems.

The proposed guidelines are an enhanced version of the existing Internet Banking and Technology Risk Management Guidelines (IBTRM), which were first issued in 2001.


Unlike the IBTRM, which mainly focused on the banking sector, the new guidelines will apply to all financial institutions.

They will provide guidance on the oversight of technology risk management and security practices of financial institutions to address technology risks to the financial industry.

The second paper, the proposed Notice on Technology Risk, will define and enforce a set of mandatory IT requirements for the financial industry.

Source: Straights Times


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