The Monetary Authority of Singapore (MAS) published key insights and recommendations from the inaugural meeting of its Cyber and Technology Resilience Experts (CTREX) Panel, focused on strengthening technology and operational resilience in Singapore’s financial sector and addressing emerging threats including third-party risks, quantum security and digital financial scams. The panel recommended a service-centric approach to operational resilience that prioritises end-to-end continuity of digital financial services from the customer’s perspective, including moving beyond scripted disaster recovery tests by incorporating unscripted elements into regular drills. It also highlighted the need to better manage IT supply chain risk by understanding exposures from vendors and open-source software, maintaining comprehensive inventories of IT components and mapping third-party dependencies. On quantum security, CTREX urged financial institutions to inventory their cryptographic solutions without delay to prioritise replacement of solutions prone to quantum attacks. To counter scams, it pointed to a multi-layered approach including use of artificial intelligence for fraud detection, phishing-resistant authentication, improved information sharing on scam typologies and continued customer education. CTREX members also engaged senior industry technology professionals through a seminar jointly organised by MAS and the Association of Banks in Singapore as part of a two-day event.

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