An international cybersecurity
advisory panel formed by the Monetary Authority of Singapore
(MAS) has recommended that all financial institutions in Singapore
ensure that data stored on the public cloud is kept secure, and
that they perform cybersecurity risk assessments on their
third-party providers.
These proposals were raised at the panel's second annual
meeting, after its members had met with representatives from the
Standing Committee on Cyber Security from the Association of Banks
in Singapore, Life Insurance Association Singapore and General
Insurance Association of Singapore.
The panel also noted that there had been an increase in use by
financial institutions of application programming interfaces (APIs)
to build software and applications. As use of such APIs could pose
a greater risk of cyber threats, the panel suggested specific ways
in which the institutions should combat such risk; for
instance:
