MAS earmarks SG$30 million for finance sector’s cybersecurity

Fund can cover up to half of a firm’s expenses to build cyber resilience

MAS earmarks SG$30 million for finance sector’s cybersecurity

Insurance News

By Gabriel Olano

The Monetary Authority of Singapore (MAS) has launched the Cybersecurity Capabilities Grant, setting aside SG$30 million to strengthen the cyber resilience of the country’s financial sector.

The grant is funded by the government’s Financial Sector Technology and Innovation Scheme, and it seeks to support the development of “advanced cybersecurity functions” for financial institutions in Singapore, a statement by the MAS said. These functions include security operations, cyber threat surveillance and intelligence gathering, computer forensics, and malware research and analysis.

A financial institution can tap into the fund to cover up to 50% of its expenses for qualifying functions, with a maximum amount of SG$3 million.

Eligible firms include those that plan to establish their global or regional cybersecurity centres of excellence in Singapore, as well as those with key global or regional cybersecurity functions and operations in the city and wish to expand their cybersecurity capabilities.

Furthermore, the grant encourages Singapore-based financial institutions to upskill their local workforce through cybersecurity-related training programmes.

“The Singapore financial sector has made significant progress in recent years in building up cyber resilience and managing cyber risk,” said Tan Yeow Seng, chief cybersecurity officer of MAS. “But the cyber threat landscape continues to evolve and we have to constantly strengthen our cyber capabilities. The Cybersecurity Capabilities Grant will support financial institutions in advancing their cybersecurity technology and manpower needs.”

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