Singapore

The MAS Technology Risk Management (TRM) Guidelines form an exhaustive supervisory guideline framework established by the Monetary Authority of Singapore (MAS) for technology risk management, protection of data, and ensuring cybersecurity within the financial sector [MAS TRM Guidelines]. Having been first introduced back in 2013 and significantly updated on January 18, 2021, the guidelines obligate financial firms to establish stringent IT governance at the board level, solid perimeter security controls, third-party risk management, and software development lifecycles [MAS TRM Guidelines]. The guidelines, as such, are highly flexible principles of expectation; however, they are backed up by legal means of enforcement in the form of statutory instruments such as Notice FSM-N05 under the Financial Services and Markets Act.