All the financial services as well as the e-payment firms in Singapore must follow a set of rules for cyber hygiene starting from August next year, with the central bank of Singapore stepping up their efforts for strengthening the defense of the sector against rising threats.
The Monetary Authority of Singapore (MAS) has announced some mandatory rules on 6th August saying that the sector would be more exposed to the risks once it opened up to more players of technology including the e-wallet services as well as cryptocurrency firms.
E-payment firms included players like GrabPay and also Singtel Dash, whereas the companies such as Binance Singapore and also Luno were involved in the business of cryptocurrency.
The MAS has said that the financial institutions that it licenses, also comprising of banks and firms of stock brokerage would have to agree to the rules for cyber hygiene and must follow them.
Currently, there are more than sixteen hundred firms that have been licensed by the central bank.
It is for the first time that a financial authority in the world has mandated cyber hygiene that includes the requirement for strong passwords, demand of multi-factor authentication as well as firewalls for restricting unauthorized traffic of networks.
These measures that also included the regular updates for the anti-virus softwares as well as the validation of who had access to the administrative accounts were legally binding, and the ones who failed to follow had to face sanctions.
The toughened stance of MAS was taken after two years of consulting the industry and a number of data breaches worldwide.