Often traditional compliance processes in place in the organisation cannot scale up to growing requirements and complexities. As a result, too much time is wasted on after-the-fact mitigation on audit findings. In a fast-paced environment, organisations would like to break free from reactive and manual solutions and...
The Monetary Authority of Singapore has given non-bank financial institutions access to e-payment platforms Fast and Secure Transfers and PayNow systems, despite security concerns.
Addressing digital payment security challenges requires having good identity verification capabilities as well as a strong authentication process that's friction-free for consumers, says Singapore-based Gautam Aggarwal, senior vice president and regional chief technology officer, Asia Pacific, at Mastercard.
Singapore's open banking effort has expanded the attack surface, and the only effective defense is to enhance threat intelligence sharing among banks, retailers and third parties, says Tom Wills, a Singapore-based cybersecurity practitioner who is a consultant for financial institutions.
The Monetary Authority of Singapore, the nation's central bank, has mandated that financial institutions comply with risk management guidelines within the next 12 months in an effort to strengthen the cyber resilience of these organizations.
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