The MAS has issued enhanced Technology Risk Management Guidelines to keep pace with emerging technologies and shifts in the cyber threat landscape.
The revised Guidelines 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.
Not a surprising development given the increased regulatory focus on and awareness of cyber risks. Will be interesting to see which regulator will be next to beef up their cyber risk requirements.
MAS Enhances Guidelines to Combat Heightened Cyber Risks
