As FinTech organizations move to comply with Singapore laws and mitigate the largest cyber risks today, it can be unclear how exactly they can meet MAS’ requirements amid the shortage of cybersecurity talent. With a mix of leading cybersecurity consultants and proprietary RegTech, Horangi is poised to help FinTech organizations start a timely and cost-effective Cyber Hygiene compliance program.
Implement adequate administrative account access policies
Apply security patches and relevant security controls in a timely manner to address vulnerabilities
Ensure compliance of security standards for every system, implementing relevant controls when necessary
Implement controls at the network perimeter to restrict all unauthorised network traffic
Implement malware protection measures on every system to mitigate the risk of malware infection, where available and can be implemented
Implement multi-factor authentication for all administrative and critical accounts
“Horangi’s in-depth knowledge of Singapore’s financial regulatory landscape, combined with the professionalism of its consultants, makes it always a pleasure to work with them. In Horangi’s hands, I can trust that my company is always well ahead of any regulatory change.”
Matt Lambie, GROUP CTO
On Aug 6 2019, the Monetary Authority of Singapore (MAS) released a Notice on Cyber Hygiene, containing six distinct sections, to all Financial Service Institutions (FSIs) in Singapore. The notice also extends to foreign firms that handle financial data of customers or FSIs based in Singapore.
FinTech organizations regulated by Singapore law require relevant MAS licenses to operate and provide services such as banking, insurance, and brokerage. However, they risk getting their MAS licenses revoked should they fail to meet the Cyber Hygiene Notice requirements by Aug 6 2020.
Considering that a typical cybersecurity assessment and compliance program can take up to a year, FinTech organizations who have yet to begin addressing their compliance challenges have to start assessing their requirements immediately.
Security and compliance risks vary between organizations of different sizes and scale, and the burden of risk assessment falls on the FSI. While some FinTech organizations may take it upon themselves to address compliance requirements, a lack of robust compliance reporting processes potentially makes it more challenging for FinTech organizations to prove and demonstrate compliance with the Cyber Hygiene Notice.
Without focused cybersecurity expertise to both analyze and report on your Cyber Hygiene Notice compliance, FinTech organizations may find themselves investing an unnecessary amount of resources to demystify compliance requirements. Failure to accurately quantify compliance requirements could mean multiple iterations of compliance tasks for various departments.
A strong security foundation can help FinTech organizations easily demonstrate compliance to not only the Cyber Hygiene Notice, but also to other relevant regulations and frameworks in applicable countries. Because MAS depends on cybersecurity thought leaders to determine the adequacy of security standards, FinTech organizations can take advantage of a security-first innovation mindset to consistently stay ahead of regulations, minimizing disruption to their innovation.
Having helped customers like MoneySmart, Funding Societies, Coinhako, and Bondevalue on their compliance with the MAS Technology Risk Management Guidelines (MAS TRMG), Horangi’s SaaS security platform is uniquely positioned to help FinTech organizations of all sizes.
Leveraging Horangi’s tailored combination of RegTech, cybersecurity services, and strong domain expertise in Singapore’s regulatory landscape, FinTech organizations can accelerate the Cyber Hygiene Notice compliance process.
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Horangi Cyber Security is a Singapore-based CREST-accredited company backed by a team of global cyber security experts in Asia and trusted by Industry Leaders such as GOJEK, MoneySmart, PropertyGuru and Tiket.com.
Founded by ex-Palantir cybersecurity experts Paul Hadjy and Lee Sult in 2016, Horangi Cyber Security offers the latest in product innovation and technology to protect organizations.