Cyber stress tests reveal risks in Singaporean firms
Insurance firms report potential losses as high as $3.4 billion in MAS stress test
The Monetary Authority of Singapore has urged insurance firms operating in the country to do more to mitigate the effects of cyber attacks, following the central bank’s 2019 cyber stress test.
Banks could also face “significant losses” in a major cyber attack, the tests reveal.
“The exercise showed there is room for insurers to take adequate risk-mitigating actions on their exposure to non-affirmative (silent) cyber exposures,” the central bank says in its latest financial stability report
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