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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.
Fraud, Scams & Cybercrime
Ransomware Attacks Present a Growing Threat to FIs: FS-ISAC
By Editors | 15/11/2020
Even with robust cybersecurity programmes, large institutions are vulnerable to attacks through third-party suppliers. Smaller institutions are at even greater risk.
Structural Regulation
China Consults on Anti Monopoly Rules for E-commerce, Payments
By Editors | 11/11/2020
The new rules issued by China’s SAMR prohibit a range of monopolistic practices and are expected to impact internet giants Alibaba, JD.com, Tencent, and Meituan, among others.
Cybersecurity
FIs Need to Bolster Security Controls to Mitigate Cyber Risk: MAS
By Editors | 10/11/2020
FIs need to review the adequacy of their cyber risk mitigating measures and controls, including in relation to third-party vendors and open-source software.
Payments & Settlements
SGX Enables SingPass Authentication for CDP Transactions
By Editors | 09/11/2020
The introduction of SingPass offers CDP customers better convenience and security when they transact online, and forms part of SGX’s ‘CDP Goes Digital’ initiative.
Payments & Settlements
Australian FIs to Use NPP for International Payments by End-2022
By Editors | 05/11/2020
Participating FIs are required to join the international payments business service and receive inbound international payments via the NPP by December 2022.
Cybersecurity
HKMA Launches Upgraded Cybersecurity Fortification Initiative
By Editors | 03/11/2020
CFI 2.0 streamlines the cyber resilience assessment process, incorporates international practices on incident response and recovery, and facilitates the development of the local talent pool.
Cybersecurity
Fintech-related Regulatory Initiatives Accelerated by Covid-19
By Editors | 03/11/2020
Most regulators either accelerated or introduced new innovation initiatives in response to Covid-19. No such initiatives were cancelled, says a report from the World Bank and CCAF.
Cybersecurity
RBNZ Consults on Draft Guidance on Cyber Resilience
By Editors | 20/10/2020
The guidance aims to raise awareness of, and ultimately promote, the cyber resilience of the financial sector, especially at the board and senior management level.
Cybersecurity
MAS Consults on New Rules for Licensed Credit Bureaus
By Sanday Chongo Kabange | 19/10/2020
Credit bureaus will be subject to similar technology risk management requirements and cyber security measures as required of other financial institutions in Singapore.
Cybersecurity
FSB Publishes Cyber Resilience Toolkit for Financial Sector
By Editors | 19/10/2020
The financial system is only as strong as its weakest link, the FSB says, encouraging the use of the final toolkit to enhance cyber incident response and recovery activities.
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