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RETAIL BANKING | Staff Reporter, Singapore

Singapore cautions banks against cybersecurity attacks

This follows an attempted hacking using the SWIFT system in Malaysia.

The Monetary Authority of Singapore (MAS) urges financial institutions to remain vigilant, following recent reports of cyber incidents overseas where attackers attempted fraudulent fund transfers using the SWIFT system in Malaysia.

In an advisory, MAS warns banks to strengthen their security measures by implementing a layered security approach as well as deploy appropriate measures to secure SWIFT payment terminals.

Also read: Philippine banks on alert following Malaysian cyberattack

The central bank also urged banks to employ strong access controls restricting the usage of administrator-level system accounts on SWIFT servers as well as perform payment reconciliation of SWIFT messages to promptly detect fraudulent and suspicious payments.

“The recent cyber incidents present yet another reminder of the constant cyber threats to our financial sector. It is important for all financial institutions to be vigilant,” said MAS chief cybersecurity officer Tan Yeow Seng. “MAS has been working with financial institutions in Singapore on a number of initiatives to continuously deepen the sector’s cyber capabilities, taking into account the rapidly changing cyber threat landscape.”

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