What is Monetary Authority of Singapore Guidance Compliance?
To safeguard sensitive customer data and comply with the Monetary Authority of Singapore’s Technology Risk Management guidelines, organizations need to apply consistent, robust and granular controls.
The Monetary Authority of Singapore (MAS) published Technology Risk Management (TRM) Guidelines to help financial firms establish sound technology risk management, strengthen system security, and safeguard sensitive data and transactions.
The TRM contains statements of industry best practices that financial institutions conducting business in Singapore are expected to adopt. The MAS makes clear that, while the TRM requirements are not legally binding, they will be a benchmark the MAS uses in assessing the risk of financial institutions (FI).
- 8.4.4 The FI should encrypt backup tapes and disks, including USB disks, containing sensitive or confidential information before they are transported offsite for storage.
- 9.1.6 Confidential information stored on IT systems, servers and databases should be encrypted and protected through strong access controls, bearing in mind the principle of “least privilege”.
- 11.0.1.c Access control principle – The FI should only grant access rights and system privileges based on job responsibility and the necessity to have them to fulfill one's duties. The FI should check that no person by virtue of rank or position should have any intrinsic right to access confidential data, applications, system resources or facilities.
- 11.1.1 The FI should only grant user access to IT systems and networks on a need-to-use basis and within the period when the access is required. The FI should ensure that the resource owner duly authorises and approves all requests to access IT resources.
- 11.2 Privileged Access Management.
- 11.2.3.d. Grant privileged access on a “need-to-have” basis.
- 11.2.3.e. Maintain audit logging of system activities performed by privileged users.
- 11.2.3.f. Disallow privileged users from accessing systems logs in which their activities are being captured.
- 13 payment card security (automated teller machines, credit and debit cards).