Singapore: Monetary Authority Publishes Announcement on Cybersecurity

On July 23, 2018, the Monetary Authority of Singapore (MAS) released a circular addressed to all financial institutions urging them to enhance their customer verification procedures, via adoption of enhanced customer authentication procedures.

This initiative follows a recent cyberattack involving one of the largest groups of domestic healthcare institutions, SingHealth, where personal information of 1.5m individuals was illegally disclosed.

The main recommendations of the circular are:

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