MAS, ABS hold exercise to bolster finance sector's operational resilience

Participants simulated various scenarios like cyberattacks to test their response capabilities.

The Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore jointly held its seventh business continuity exercise with financial institutions to bolster crisis management and operational resilience within the financial sector.

It involved 20 financial institutions across the banking, payments, securities, and insurance sectors. Participants simulated various scenarios, including IT outages, cyberattacks, and operational disruptions, to test their response, recovery capabilities, and crisis communication strategies.

Vincent Loy, assistant managing director (Technology Group) at MAS, emphasised the importance of strengthening the financial sector's ability to manage risks and recover quickly to maintain public confidence in the delivery of financial services.

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Association of Banks in Singapore

cybersecurity

Monetary Authority of Singapore

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