An expert panel advising the Monetary Authority of Singapore (MAS) has outlined strategies to enhance technology resilience and address emerging risks in the country’s financial sector.
The Cyber and Technology Resilience Experts (CTREX) Panel convened for its first meeting to discuss issues including operational disruptions, third-party vulnerabilities, quantum security threats, and the rise in digital scams.
Established in August 2024, the panel was formed to advise MAS on significant cyber and technology challenges.
During the meeting, the experts recommended that financial institutions adopt a service-centric approach to operational resilience, placing greater emphasis on maintaining customer access during disruptions.
They also encouraged institutions to enhance their IT disaster recovery drills by incorporating unscripted scenarios to better reflect real-world incidents.
Addressing third-party and open-source software risks, the panel urged financial institutions to maintain comprehensive inventories of IT components and map external dependencies.
This advice follows a ransomware attack in early April 2025 on printing vendor Toppan Next Tech, which led to the extraction of customer data from DBS Bank and Bank of China Singapore, highlighting the vulnerabilities linked to third-party providers.
The panel also advised institutions to prepare for potential security threats arising from quantum computing by cataloguing current cryptographic systems and identifying those that may need future replacement.
In response to the increasing sophistication of digital financial scams, the panel recommended a multi-layered approach that could include the use of artificial intelligence for fraud detection, stronger authentication measures, improved information sharing among institutions, and continued efforts to educate customers.
CTREX members also engaged with senior technology professionals during a seminar co-organised by MAS and the Association of Banks in Singapore as part of the two-day event.
The CTREX Panel is made up of 13 global experts and practitioners in cybersecurity and technology resilience, including senior leaders from Microsoft, Google Cloud, Amazon Web Services, Nasdaq, HSBC, UBS, and Mastercard.
