Singapore, Philippines central banks move to tighten cyber security

May 17, 2016

Singapore’s central bank has asked banks to maintain a high level of security for their critical IT systems following recent cyber attacks using the SWIFT financial messaging system.

In the Philippines, the central bank was crafting more regulations to help banks and other financial institutions fend off cyber heists and minimize damage after any systems breach, a senior official said.

The actions come after Vietnam’s Tien Phong Bank said earlier this week it had interrupted an attempted cyber heist that involved the use of fraudulent SWIFT messages, the same technique at the heart of February’s massive theft from the Bangladesh central bank.

The two attacks through SWIFT, used by about 11,000 banks and institutions around the world, have sent tremors through the global financial industry.

The Monetary Authority of Singapore “expects financial institutions to implement strong controls in their IT systems as set out in the MAS Technology Risk Management Guidelines”, a spokeswoman said in response to media queries.

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