In mid-2019, leadership from The Monetary Authority of Singapore announced a Notice on Cyber Hygiene that imposes cybersecurity regulations on Singapore’s financial institutions, including but not limited to banks, insurance brokers, financial advisors, and e-payment companies. The Notice on Cyber Hygiene goes into effect on August 6, 2020 for the purpose of strengthening the security posture of the nation’s financial institutions and ensuring proper measures are in place to remain proactively ahead of emerging cyber threats, especially those surrounding mobile payment fraud.
Organizations that fail to comply with the guidelines will be penalized accordingly and, in the case of a security incident, The Monetary of Singapore will investigate to determine the extent to which the involved parties were following the guidelines stated in the Notice.
Required Risk Management Guidelines
The Notice on Cyber Hygiene legally mandates that financial institutions must adopt and implement proactive security measures and policies that rapidly address security updates and patch vulnerabilities, restrict and prevent unauthorized access and network traffic, reduce the risks associated with malware threats, and strengthen authentication methods for accessing critical systems.
Specifically, the nation’s financial institutions are required to ensure that each and every one of their critical systems has a malware protection solution in place.
Votiro’s Technology Goes Beyond Other Solutions with the Notice on Cyber Hygiene
Traditional antivirus (AV), next-gen antivirus (NGAV), and sandboxing security technologies are unable to detect undisclosed threats and zero-day exploits, and therefore still allow hackers to gain unauthorized access to enterprise data and critical systems. As hackers increase their use of zero-day attacks, financial institutions cannot rely on these solutions to mitigate their risk of malware infection.
Votiro’s Positive Selection Technology™ ensures that every file an organization receives is safe, removing any possibility of malware infection by extracting all malicious elements out of the file. Votiro reconstructs and sanitizes the infected file to preserve the integrity and functionality so that employees within these institutions can continue necessary, uninterrupted business operations without worrying about security implications or failure to comply.
To learn more about Positive Selection Technology and explore our Votiro Cloud solutions, schedule a demo with Votiro today.