The Monetary Authority of Singapore’s (MAS) Cyber and Technology Resilience Experts (CTREX) Panel has proposed ways to enhance technology resilience and tackle emerging threats.

MAS said in a statement on last Friday that the key insights and recommendations from the panel recent meeting include adopting a service-centric approach to strengthen operational resilience; addressing third-party and open-source software risks in the information technology (IT) supply chain; preparing the industry for a post-quantum security landscape; enhancing anti-scam measures.

The panel highlighted the importance of viewing disruptions from the customer’s lens, and adopting an end-to-end approach in measures to enhance the availability and continuity of digital financial services.

Financial institutions (FIs) were also recommended to move beyond routine, scripted IT disaster recovery exercises by incorporating unscripted elements into their regular disaster recovery drills. This will better prepare FIs to respond effectively to real-world IT incidents and strengthen their overall operational resilience.

The panel also emphasized the need for FIs to understand how specific risks may arise from their IT vendors and use of open-source software, in order to develop effective risk assessments and mitigation strategies.

This includes maintaining a comprehensive inventory of IT components used within FIs, and mapping their third-party dependencies to address potential supply chain risks.

Meanwhile, the panel cautioned about the materializing security threats posed by quantum computers, and recommended that FIs inventorize, without delay, their use of cryptographic solutions across their operations.

This will allow FIs to better prioritize the replacement of cryptographic solutions that are prone to quantum attacks.

The panel also highlighted the increasing sophistication of digital financial scams, and emphasized the need for FIs to adopt a multi-layered approach in addressing emerging scam campaigns.

This could include the use of artificial intelligence for fraud detection, phishing-resistant authentication, greater information sharing among FIs on new scam typologies, and continuing to bolster customer education.

The CTREX Panel was formed in August 2024 to advise MAS on key emerging cyber and technology risks facing Singapore’s financial sector, and recommend strategies to enhance its resilience.

CTREX Panel convened to discuss a range of topics, including technology resilience, third-party risks, quantum security and digital financial scams at its inaugural meeting on April 16.

As part of the two-day event, CTREX members also engaged senior technology professionals from the financial industry through a seminar jointly organized by MAS and the Association of Banks in Singapore.

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