The Monetary Authority of Singapore has issued revised Technology Risk Management Guidelines to keep pace with emerging technologies and shifts in the cyberthreat landscape.
The revised guidelines, following the massive SolarWinds cyber-attack that affected firms all over the world, focus on addressing technology and cyber-risks in an environment of growing use by financial institutions (FIs) of cloud technologies, application programming interfaces and rapid software development.
The guidelines reinforce the importance of incorporating security controls as part of FIs’ technology development and delivery lifecycle, as well as in the deployment of emerging technologies.
Joanne Wong, Vice President, International Markets, LogRhythm, said: “The recent SolarWinds incident will go down as one of the most consequential cyberattacks of the past decade, and serves as a firm reminder for anyone operating in the digital space to never let their guard down.
“Beyond more vigorous screening for external tech vendors, enterprises must take a more proactive stance to safeguard their operations. It is imperative that they maintain visibility over their entire network – including their trusted third-party vendor – to ensure they can identify and remediate threats with speed. After all, as the cyber threatscape continues to evolve, no one can afford to be sitting ducks for the next big attack.”
Click below to share this article
