Mr Ravi Menon, MAS’ Managing Director said, “MAS is paying close attention to the rising occurrences and severity of ransomware and IT supply chain attacks globally. These attacks have led to massive financial losses and disruptions of essential services. Our Cyber Security Advisory Panel has provided us rich insights on how the financial industry can deal with these threats. MAS and the industry will maintain a cooperative, proactive and agile posture to manage the rapidly changing cyber risk landscape.”

As part of the two-day virtual meeting programme, the Panel also exchanged views with the Association of Banks in Singapore Standing Committee on Cyber Security (SCCS) and the Insurance SCCS on their latest industry initiatives, including on the adversarial attack simulation or red teaming exercise and bug bounty programme. Participants included representatives from the Cyber Security Agency of Singapore, Defence Science and Technology Agency, Government Technology Agency, Infocomm Media Development Authority, Ministry of Communications and Information, and Smart Nation and Digital Government Office.