New mandatory rules from next year for financial industry to combat cyber threats: MAS

SINGAPORE: Financial institutions must comply with a new set of requirements by next year to"raise the cyber security standards and strengthen cyber resilience" of the sector, the Monetary Authority of Singapore said on Tuesday .

These requirements include having robust security for IT systems, ensuring updates are applied to address system security flaws in a timely manner, and deploying security devices to restrict unauthorised network traffic. "The financial sector needs to remain vigilant and ensure that defences are able to counter varied and evolving threats.

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