Cybercrime prevention not just banks’ responsibility, says MAS

Customers should have good cyber hygiene, too.

While banks have the responsibility to safeguard customers’ information from unauthorised access, customers are also responsible for being vigilant against cyber criminals.

According to a statement by the Monetary Authority of Singapore, cybercrime prevention is everyone’s responsibility.

“Banks and their customers all have a role to play in adopting good cyber hygiene and being vigilant against cyber criminals and scammers,” the statement noted.

Additionally, MAS will hold banks liable for any losses to customers arising from a breach of their systems.

“MAS conducts active supervision to assess the banks’ compliance with MAS’ guidelines on IT system security, reliability, resilience and recoverability,” MAS said.