The Monetary Authority of Singapore’s (MAS) Cyber and Technology Resilience Experts (CTREX) Panel has proposed several strategies to bolster the resilience of Singapore’s financial sector against emerging cyber threats. Convening for the first time on 16 April 2025, the panel discussed critical issues such as technology resilience, third-party risks, quantum security, and digital financial scams.
Formed in August 2024, the CTREX Panel aims to advise MAS on key cyber and technology risks. Among the recommendations, the panel emphasised a service-centric approach to operational resilience, urging financial institutions (FIs) to incorporate unscripted elements into disaster recovery drills. This approach aims to better prepare FIs for real-world IT incidents.
Addressing third-party and open-source software risks, the panel highlighted the importance of understanding IT vendor risks and maintaining a comprehensive inventory of IT components. This would help FIs develop effective risk assessments and mitigation strategies.
The panel also warned of the security threats posed by quantum computers, recommending that FIs promptly inventorise their cryptographic solutions to prioritise replacements vulnerable to quantum attacks.
To combat the rising sophistication of digital financial scams, the panel suggested a multi-layered approach, including the use of artificial intelligence for fraud detection and enhanced information sharing among FIs.
The two-day event also featured a seminar with senior technology professionals from the financial industry, organised by MAS and the Association of Banks in Singapore. These discussions are expected to guide future efforts in strengthening the sector’s resilience against cyber threats.
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