MAS launches cybersecurity capabilities grant

Out-Law News | 11 Dec 2018 | 1:15 pm |

The Monetary Authority of Singapore (MAS) has launched a cybersecurity capabilities grant worth S$30 million to bolster secure cybersecurity systems and encourage local professional development.

The grant will be used to establish international or regional cybersecurity advanced training centres for financial institutions in Singapore, and for financial institutions to expand and strengthen their cybersecurity functions and operations.

MAS said financial institutions will receive up to 50% of qualifying expenses to a maximum of S$3m. MAS hopes that increased cybersecurity training will attract more people to work in this area.  

MAS chief cybersecurity officer Tan Yeow Seng said, "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".

The grant is funded by the financial sector technology and innovation scheme (FSTI). FSTI was introduced by MAS in June 2015 in order to support encouraging innovation in the financial sector.

This July, MAS issued a circular to direct all financial institutions to tighten their customers' verification process following a cyber attack at SingHealth.