In the midst of the global COVID-19 pandemic, businesses everywhere are rapidly promoting remote access and availability of services online to continue operations. We are also seeing a corresponding rise in cybersecurity incidents as criminals exploit unpatched security vulnerabilities and lax security procedures.
A 2018 IMF framework study which estimated potential losses due to cyber-attacks using a data set from 50 countries, suggested that average annual potential losses from cyber-attacks may be close to 9 percent of banks’ net income globally, or around $100 billion. With recent increase in online activity due to COVID-19, cyber attacks would have escalated and the loss figure could be double or triple the 2018 estimates.[1]
On 6 August 2019, the Monetary Authority of Singapore (MAS) issued a Notice on Cyber Hygiene to strengthen cyber resilience in the financial industry. The requirements include key elements in the existing MAS Technology Risk Management (TRM) Guidelines and measures that financial institutions must take to guard against increasing risk of cyber threats.
The Cyber Hygiene Notice is legally binding and is applicable to relevant entities that are licensed, approved, registered or regulated by the MAS.
Join a multi-disciplinary team from RHTLaw Asia and RHT Group of Companies as we discuss these requirements in the first of a series of Technology Risk Management webinars designed to help you understand and identify the digital risks facing your organisation.
| Aaron Lee Of Counsel, Financial Services (Regulatory) RHTLaw Asia | Aaron Lee is a regulatory lawyer with twenty years of post-qualifying experience in policy-making, cross-border business and government relations. He has worked in the civil service and various financial institutions overseeing governance and compliance and investigating financial crime and misconduct. Since 2016, he has been advising FinTech firms on the whole spectrum of their compliance requirements. Aaron is also a published writer, conference speaker and community organiser. |
| Terry Goh Senior Consultant RHT Compliance Solutions | Terry was a former senior regulator at MAS for the last 17 years prior to joining RHT and was in-charge of oversight, policy formulation, supervision and licensing of payments systems and bank participants, credit reporting agencies, money changers and remittance businesses. He also undertook responsibilities for the business continuity management supervision of all financial institutions and has led many key transformational projects in Singapore, such as the implementation of the Payment Systems Oversight Act, Finality and Netting Act the and Credit Bureau Act. Terry also had over 12 years of experience in IT with major international banks where he headed the IT Department with branches and subsidiaries in Singapore, Tokyo, Malaysia and Australia. |
| Tony Yeow Associate Director RHT Compliance Solutions | Tony Yeow has over 15 years of experience in Compliance, Operational Risk, Investigation and Intelligence with major international banks. Leading a team of experienced and certified professionals, he provides compliance, governance and risk solutions to a broad range of clients – regulators, markets, payment system providers, banks, investment banks, broker-dealers, commodities firms, fund managers, financial advisers, trust companies, FinTech companies and corporates. Tony has proven track record in implementing internal controls, leading numerous transformational projects, managing complex fraud investigations, building best-in-class programmes based on data-driven strategies and technology. |
| Raymond Ang Executive Director RHT Governance, Risk & Compliance | Raymond has 20 years of regional experience in governance and risk management, building teams and serving public listed companies, MNCs, and statutory boards. He spent 13 years honing his skills with professional accounting and consulting firms in the region. He previously headed the Enterprise Risk Management and CIO Solutions practices for South-East Asia at a global risk consultancy, and established the Internal Audit and Risk Management practice group for a public-listed business solutions provider. He has helped clients conduct risk assessment, and developed and implemented risk management frameworks for organisations of various sizes, including 2 of the regional equities exchanges, a conglomerate of social enterprises and a public listed MNC. |
Our Technology Risk Management team can help you assess, identify and address your digital risks, and determine their impact to you. We will work with you to devise protection strategies and mitigation measures to address any gaps observed.
| Aaron Lee Of Counsel, Financial Services (Regulatory) RHTLaw Asia +65 6381 6854 | Terry Goh Senior Consultant RHT Compliance Solutions +65 6381 6774 | Tony Yeow Associate Director RHT Compliance Solutions +65 6381 6337 |
| Raymond Ang Executive Director RHT Governance, Risk & Compliance +65 6381 6775 | Tan Bee Lay Managing Director 1920RHT Management Consultants +65 6381 6350 | Shan Gandhimani Chief Information Officer RHT Management Services +65 6381 6353 |
[1] https://blogs.imf.org/2018/06/22/estimating-cyber-risk-for-the-financial-sector/
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