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

Reuters News
Posted: May 16, 2016 10:06 PM

SINGAPORE (Reuters) - 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. [L3N18C075]

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.

(Reporting by Saeed Azhar; Editing by Stephen Coates)