It will advise the central bank on key emerging technology risks and threats facing the financial sector
THE Monetary Authority of Singapore (MAS) has set up a Cyber and Technology Resilience Experts (CTREX) panel to help ensure the robustness of the country’s financial sector in these two areas.
This replaces the Cyber Security Advisory Panel which was established in 2017, said MAS in a statement on Wednesday (Sep 25).
In addition to cybersecurity, the CTREX panel also looks into technology resilience. These are factors which underpin the operational resilience of Singapore’s financial sector.
MAS managing director Chia Der Jiun said: “As financial institutions become increasingly reliant on technology to deliver services, it is critical for them to be able to maintain technology resilience and manage cyber risks well.”
Comprising 13 global industry experts from both fields, the CTREX panel will advise MAS on key emerging technology risks and threats facing the financial sector.
It will also provide recommendations on strategies and measures to bolster the financial sector’s technology and cyber resilience.
“We look forward to tapping the CTREX panel to provide global perspectives to MAS and the industry on building these important capabilities, as we continue to forge ahead on our digitalisation journey,” added Chia.
The panel’s inaugural meeting will be held in mid-2025.
