Regulatory Alerts2024-05-09
Added · Updated
MAS Notice FSM-N06 Cyber Hygiene
This Notice requires all banks in Singapore to secure administrative accounts, apply security patches commensurate with risk, and maintain written security standards for every system. Banks must implement network perimeter controls to restrict unauthorized traffic, deploy available malware protection measures, and enforce multi-factor authentication for administrative accounts on critical systems and for any internet-based access to customer information. The requirements apply unless a bank cannot exercise direct or indirect control over a system, or if no alternative provider is reasonably procurable. This Notice takes effect on 10 May 2024.
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