On 16 April 2025, the Monetary Authority of Singapore’s (MAS) Cyber and Technology Resilience Experts (CTREX) Panel recommended actions for financial institutions (FIs) to strengthen cyber and technology resilience amid evolving industry risks. The 13-member CTREX Panel of global cybersecurity and resilience experts considered issues such as quantum security and digital financial scams in formulating its recommendations.
The CTREX Panel recommends the following action points:
- Adopting a service-centric approach to strengthen operational resilience – disruptions must be viewed from the customer’s perspective. FIs should adopt an end-to-end approach to enhance the availability and continuity of digital financial services and incorporate unscripted elements in their disaster recovery drills.
- Addressing third-party and open-source software risks – FIs should assess the risks of using IT vendors and open-source software to develop effective risk management approaches, maintain an IT component inventory, and map their dependencies to address supply chain risks.
- Preparing the industry for a post-quantum security landscape – FIs should inventory their cryptographic solutions to promptly replace those vulnerable to quantum attacks.
- Enhancing anti-scam measures – FIs should adopt a multi-layered approach in addressing emerging scam campaigns. FIs can consider the use of artificial intelligence for fraud detection and phishing-resistant authentication, and participate in industry-wide information sharing on new scam typologies and consumer education.
Conclusion
As technology grows more complex, cybersecurity threats and resilience challenges evolve daily. FIs should adopt the CTREX Panel’s recommendations to safeguard business continuity and maintain consumer trust.
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Disclaimer: This article is for general information only and does not constitute legal advice.
