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Singapore has proposed a set of cybersecurity rules that financial institutions, including banks, in Singapore must adopt to ensure their IT systems are adequately protected and to beef up their cyber resilience.
The Monetary Authority of Singapore (MAS) on Thursday revealed six “essential cybersecurity measures” that that these local businesses would need to implement. These included attending to security flaws “in a timely manner”, deploying security devices to secure system connection, installing antivirus software to mitigate risks of malware infection, and restricting the use of systems administrator accounts that could modify system configuration.