RETAIL BANKING | Staff Reporter, Singapore

SingHealth breach lays bare Singapore banks' cybersecurity risk

Digital info depository MyInfo remains a key target.

Bloomberg reports that the repercussions of the massive cyberattack that unraveled at Singapore’s national health database SingHealth could easily seep over to the country’s banking players with data platform MyInfo being a key risk.

The city’s big three, DBS, UOB, and OCBC along with Standard Chartered have tapped on state-built digital repository MyInfo, which works by automatically filling out government e-forms, for KYC checks required to open bank accounts.

Also read: OCBC debuts all digital account application

The de-facto central bank Monetary Authority of Singapore has already urged banks to strengthen their cybersecurity frameworks and to avoid relying on information including full name, national identification number, address, gender, race and birthdate for customer verification processes.

However, banks may not be as adequately prepared as the risks that could easily swoop down to cripple their operations with a Deloitte survey noting that half of the global finance industry may be spending less than 1% of revenue on cybersecurity.

Here’s more from Bloomberg:

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