Cybersecurity

Payments & Settlements

Project Stella: Balancing Privacy & Auditability in DLT Environments

By Editors | 13/02/2020

The BOJ-ECB phase four study found that effective auditing can be achieved alongside privacy-enhancing technologies, if the auditor can obtain information from trusted sources.

Cybersecurity

IMF, MAS Offer Guidance on Assessing Cyber Risk

By Manesh Samtani | 12/02/2020

A new IMF-MAS paper presents data sources and methods that can be used to analyse and assess cyber risk, illustrated with applications to Singapore.

Fraud, Scams & Cybercrime

US Charges 4 Chinese Military Officers for Equifax Hack

By Editors | 12/02/2020

The four Chinese nationals are charged for breaking into Equifax’s computer systems to steal US citizens’ personal data and sensitive trade secrets.

Data Privacy

Hong Kong Considers Reforms to Data Privacy Laws

By Editors | 12/02/2020

Key recommendations include higher penalties for breaches, mandatory data breach notifications, and a requirement for clear personal data retention policies.

Operational Risk

MAS Issues Advisory to FIs Amid Higher Coronavirus Alert Level

By Editors | 10/02/2020

MAS asks financial institutions to ensure business continuity and warns that cyber threat actors are taking advantage of the novel coronavirus situation to conduct email scams, phishing and ransomware attacks.

Data Privacy

US, Singapore Jointly Declare Opposition to Data Localisation

By Editors | 06/02/2020

The US and Singapore support allowing financial service suppliers to transfer data across borders and oppose generally applicable data localisation requirements.

Cybersecurity

Japan Prepares Cyber Response Ahead of Tokyo Olympics

By Editors | 01/02/2020

In a September BOJ survey, 60% of banks said they were unable to secure enough staff to oversee cybersecurity, raising concerns of cyber attacks leading up to the Tokyo Olympics.

Payments & Settlements

Singapore’s Payment Services Act Comes Into Force

By Manesh Samtani | 28/01/2020

The PS Act gives MAS formal supervisory powers over technology, cybersecurity and AML/CFT controls at payment services firms, including cryptocurrency and e-wallet companies.

Data Privacy

China Issues Guidelines on Facial Recognition Enabled Payments

By Editors | 23/01/2020

The guidelines set out principles for the use of facial recognition technology in payments, covering user consent and the collection, storage and use of facial data.