Singapore's central bank says banks should maintain high level of IT security

Singapore’s central bank has said banks should maintain a high level of security for their critical IT systems following recent cyber attacks using the SWIFT financial messaging system. The Monetary Authority of Singapore “expects financial institutions to implement strong controls in their IT systems as set out in the MAS Technology Risk Management Guidelines,” a spokeswoman said in response to media queries. “This includes maintaining a high level of security for their critical IT systems, such as SWIFT.” Vietnam’s Tien Phong Bank earlier this week said it had interrupted an attempted cyber heist that involved the use of fraudulent SWIFT messages, the same technique at the heart of February’s massive theft from the Bangladesh central bank. Singapore’s MAS will continue to monitor the security landscape and threats faced by the financial industry and provide guidance where necessary, the spokeswoman said. An earlier report by IT industry body Nasscom had said that increasing incidents of cyber attacks and data protection efforts globally are expected to create $35 billion revenue opportunity and employment opportunities for about a million professionals by 2025 for India. “We estimate that cybersecurity is about $2.5-3 billion or about 2 percent of the close to $150 billion Indian IT sector. With the sector on track to reach $350 billion by 2025, we estimate 10 per cent of this to be cybersecurity,” Nasscom Chair Cyber Security Task Force Rajendra Pawar had said. With inputs from Reuters