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Reporting on regulatory requirements, enforcement actions, and best practices to safeguard financial institutions and markets against cyber threats, data breaches, and vulnerabilities through proactive measures.
Cloud & Infrastructure
FSC Korea Issues Guidelines on Mobile Bank Apps
By Editors | 01/03/2022
Banks are expected to introduce updated versions of their mobile applications to make them more “senior friendly” by the first half of 2023.
Data Privacy
UK, Singapore Bolster Cooperation on Data Flows, Financial Services
By Editors | 01/03/2022
The UKSDEA promotes free flows of data between the UK and Singapore including in financial services. Both countries will work towards recognising each other’s digital identity systems.
Cloud & Infrastructure
RBI Directs Selected NBFCs to Centralise Core Systems
By Sanday Chongo Kabange | 28/02/2022
Middle and upper layer NBFCs with ten or more places of operation will be required to implement a core financial services solution by 30 September 2025.
Operational Risk
BSP Issues Revised Outsourcing Rules for Banks
By Editors | 27/02/2022
Banks need BSP approval to enter into material outsourcing arrangements. They must also conduct periodic assessments to ensure outsourcing risks are properly managed.
Operational Risk
APRA Offers Guidance on Managing Compliance Risk
By Sanday Chongo Kabange | 22/02/2022
APRA wants regulated entities to give compliance risk management the same attention they give to cyber risk, operational risk management and other risk classes.
Cybersecurity
Japan FSA to Inspect FIs for Cybersecurity Effectiveness
By Editors | 22/02/2022
The FSA will carry out inspections to verify the effectiveness of cyber security systems at FIs. Common issues and good practices identified will be shared with the industry.
Cloud & Infrastructure
Korea FSS Includes NFT, Metaverse Monitoring in Annual Work Plan
By Sanday Chongo Kabange | 20/02/2022
The FSS said it will strengthen its supervision of “new trading assets such as NFTs” and “prepare countermeasures” if necessary to protect consumers against damage.
Fraud, Scams & Cybercrime
Singapore Continues Work to Bolster Digital Banking Security
By Darien Choong | 18/02/2022
New measures include expanding the use of biometric technology, strengthening fraud surveillance and detection algorithms, and enabling customers to trigger account freezes.
Cybersecurity
HKCERT Warns of Information Security Risks in 2022
By Editors | 18/02/2022
NFT and metaverse-related risks, and crypto account hacks and thefts, were cited as top information security risks for the first time.
Cryptocurrency
FSB Updates G20 on 2022 Priorities, Including Work on Crypto-assets
By Manesh Samtani | 17/02/2022
The FSB has started to examine regulatory and supervisory issues and approaches to address risks stemming from unbacked crypto-assets.
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