MAS’ Technology Risk Management Guidelines and Notice
The last five years have seen an increase in reliance on technology to meet business demands. The reliance of technology comes with additional increases in technology risk. These associated risks are in the media on a daily basis, and there have been many high profile cases.
The Monetary Authority of Singapore (“MAS”) published its Notice and Guidelines on Technology Risk Management (“TRM”) in June 2013, which will be effective on 1 July 2014. The technology guidelines will fundamentally aim to change the way Financial Institutions (“FIs”) protect themselves and their customer information, from theft and loss of service.
The changes to the regulation influence all FIs on a global level and include non-customer facing critical systems. The Notice on TRM paper is a stark contrast from the previous Internet Banking Technology Risk Management guidelines that focused on internet facing technologies.