MAS INTERNET BANKING AND TECHNOLOGY RISK MANAGEMENT GUIDELINES
The Monetary Authority of Singapore (MAS) promotes sustained, non-inflationary economic growth through appropriate monetary policy formulation and close macroeconomic surveillance of emerging trends and potential vulnerabilities.
It manages Singapore’s exchange rate, foreign reserves and liquidity in the banking sector and oversees all financial institutions in Singapore such as banks, insurers, capital market intermediaries, financial advisors, and the stock exchange.
TECHNOLOGY RISK MANAGEMENT (TRM)
In recent years, various technology innovations in areas such as card payment, mobile technology and system virtualisation have helped to expand financial institutions’ (FIs) business offerings and customer reach. Information technology (IT) outsourcing has also become more attractive to FIs due to the abundance of outsourcing services. Against the backdrop of an increased reliance on complex IT systems and operations in the financial sector is the heightened risk of cyber attacks and system disruptions. In this regard, FIs are expected to continue to deepen their technology risk management capabilities and be ready to handle IT security incidents and system failures.
WHICH MAS TRM CONTROLS CAN OSIRIUM COMPLIMENT?
We mapped Osirium to the MAS TRM guidelines in relation to Privilege Users and we identified that we could address the following controls;
4 TECHNOLOGY RISK MANAGEMENT FRAMEWORK
5 MANAGEMENT OF IT OUTSOURCING RISK
7 IT SERVICE MANAGEMENT
8 SYSTEM RELIABILITY, AVAILABILITY AND RECOVERABILITY
9 OPERATIONAL INFRASTRUCTURE SECURITY MANAGEMENT
11 ACCESS CONTROL
Please contact us directly for a breakdown on how we addressed all these sections in MAS TRM.