Singapores central bank sets out cyber rules for financial services and e-payment companies

Wednesday 7 August 2019 10:39 CET | News

All financial services and e-payment companies in Singapore must follow a set of cyber hygiene rules from August 2020.

The Monetary Authority of Singapore (MAS) said financial institutions it licenses, including banks and stock brokerage companies, will have to comply with the cyber hygiene rules. There are currently over 1,600 such entities licensed by the central bank.

The rules refer to the need for strong passwords, multi-factor authentication, firewalls to restrict unauthorised network traffic, regular updates of anti-virus software and validation of who has access to administrative accounts.

These measures are legally binding, and those who fail to comply may face sanctions. The authority’s toughened stance follows two years of consulting with the industry and a spate of data breaches globally.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: Monetary Authority of Singapore, MAS, strong passwords, multi-factor authentication, firewalls, financial services, e-payment companies
Countries: World