MAS warns firms over third-party cyber risks

Monetary Authority of Singapore
George Johnson

Ravi Menon, managing director of the Monetary Authority of Singapore, has urged financial firms to review their cyber security controls, particularly for third-party IT providers.

Menon’s warning comes after the European Central Bank said a third-party network device caused major outage in the eurozone’s real-time gross settlement system last month.

The ECB said that the outage to the Target2 system unable to offer settlement services for around 11 hours on October 23 and 24. It also affected

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