The Monetary Authority of Singapore (MAS) was founded in 1971 to oversee various monetary functions associated with financial and banking institutions. Throughout the years, their guidelines have been revised to manage emerging technologies and the evolving threat landscape. The revised MAS Technology Risk Management Guidelines in January 2021 set out technology risk management principles and best practices for the financial sector, to guide FIs in establishing sound and robust technology risk governance and oversight and maintaining cyber resilience. They aim to promote the adoption of sound and robust practices for the management of technology risk.
The technology landscape of the financial sector is transforming at an increasingly rapid rate as financial services organisations look to take advantage of the operational efficiencies and cost savings that digital transformation offers. However, the underlying information technology (IT) infrastructure supporting financial services has grown in scope and complexity, increasing their cyber security exposure.
With increasingly sophisticated attacks targeting the weak links in the interconnected financial ecosystem, each organisation needs to understand their cyber security exposure and put in place a robust risk management framework to ensure IT and cyber resilience.
Download this whitepaper to learn how BeyondTrust solutions can help enterprises meet the requirements in the MAS TRM.