Singapore: Published MAS Revision of technology risk management guidelines for financial sector

On 18 January 2023, the Monetary Authority of Singapore (MAS) issued its revised technology risk management guidelines, which set out risk management principles and best practices to guide financial institutions to establish sound and robust technology risk governance and oversight, as well as maintain IT and cyber resilience.The revised guidelines include guidance on technology risk governance and oversight, technology risk management framework, IT-project management and security-by-design, software application development and management, IT service management, crypotgraphy, data and infrastructure Security as well as Cybersecurity Operations and Assessment. Finally, it gives speical guidance regarding online financial services and IT audit.