MAS appoints pioneering chief cybersecurity officer

Creation of new role shows Singapore’s focus on improving cyber resiliency

MAS appoints pioneering chief cybersecurity officer

Insurance News

By Gabriel Olano

National financial regulator Monetary Authority of Singapore (MAS) has created the position of chief cybersecurity officer. Tan Yeow Seng will lead the agency’s efforts in increasing preparedness and resiliency against cyberattacks and other data security issues.

Tan, who has been with MAS since 1998, will take up the new role on December 1, while continuing in his current designation as executive director for technology risk and payments.

In a statement by the MAS, Tan will be responsible for “setting cyber resiliency standards and overseeing their implementation,” both within MAS and in the rest of the Singaporean financial sector.

The Singaporean government and financial community have been paying a lot of attention to cyber security, amidst increasing frequency and magnitude of cyberattacks worldwide. A new cybersecurity bill is being worked on, and is expected to be tabled in Parliament in 2018. One of the bill’s proposals is the institution of a licensing framework for cybersecurity professionals.

Aside from Tan, the MAS also appointed Ho Hern Shin, currently executive director of the insurance department, as assistant managing director for banking and insurance. She will replace Chua Kim Leng, who will become a special advisor to MAS.

Meanwhile, executive director Loo Siew Yee was named assistant managing director for policy, risk, and surveillance. She succeeds Wong Nai Seng, who will leave the MAS. These appointments will also be effective on December 1.

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