26 May 2015

CSA held its first cyber security table-top exercise, CyberArk IV, for the banking and finance sector on 26 and 27 May 2015. Partnering CSA in this exercise is the Monetary Authority of Singapore (MAS), which is the sector lead for the banking and finance sector. The exercise participants hail from various financial institutions. 

Minister Yaacob Ibrahim, who is also the Minister-in-charge of Cyber Security, was on site to understand how the sector would respond to cyber security scenarios. Minister Yaacob said, “MAS and our financial institutions are committed to continuously review and enhance their cyber security efforts to better deal with constantly evolving cyber threats. I look forward to seeing more of these exercises being conducted for various sectors in the coming months. As individuals, we must likewise remain vigilant and practice cyber hygiene, for we are only as strong as our weakest link." 

Over 60 participants took part in the exercise which was held at the Senior Police Officers’ Mess. Mr Wong Nai Seng, Assistant Managing Director (Policy, Risk & Surveillance), MAS said, “To be a trusted international financial centre that serves Singaporeans and the region, our financial system must be resilient against ever growing cyber threats. The exercise provides a good platform to test the capabilities of participating financial institutions in preparing for, responding to and recovering from cyber-attacks. It also brings industry experts together to exchange ideas on industry best practices.” 

Mr David Koh, Chief Executive, CSA, said, “The Banking and Finance Sector provides critical services, such as deposits, consumer credit, investments and payment processing, that are integral to our everyday life. Cyber security plays the role as an enabler – in this instance, having more resilient and responsive IT systems would mean that the public enjoys greater security and are more confident in using technology in their banking and financial transactions.” 

CSA will be conducting more of these exercises targeted at other critical sectors in the coming months.