April 21, 2025 – Singapore — The Cyber and Technology Resilience Experts (CTREX) Panel under the Monetary Authority of Singapore (MAS) has proposed a series of new recommendations to enhance technology resilience in the financial sector and address emerging threats.
In a statement released last Friday, MAS outlined the key insights and proposals discussed during the CTREX Panel’s recent meeting:
- Adopting a service-centric approach to strengthen operational resilience;
- Addressing third-party and open-source software risks in the IT supply chain;
- Preparing for a post-quantum cybersecurity landscape;
- Enhancing anti-scam measures.
The panel emphasized that financial institutions (FIs) should view disruptions through the customer’s lens and adopt an end-to-end strategy to improve the availability and continuity of digital financial services.
CTREX further recommended that FIs move beyond traditional scripted IT disaster recovery drills by incorporating unscripted elements to better simulate real-world incident response scenarios, thus strengthening operational resilience.
Regarding IT supply chain risks, the panel stressed the need for FIs to gain a comprehensive understanding of risks arising from third-party vendors and the use of open-source software. This includes maintaining a detailed inventory of IT components and mapping third-party dependencies to better manage potential vulnerabilities.
On quantum security, the panel cautioned that the threat from quantum computing is materializing faster than expected. It recommended that FIs urgently inventory their use of cryptographic solutions across all operations to prioritize the replacement of those susceptible to quantum attacks.
In addition, the panel highlighted the rising sophistication of digital financial scams and called for a multi-layered approach to combat emerging scam campaigns. Proposed measures include:
- Deploying artificial intelligence for fraud detection;
- Implementing phishing-resistant authentication solutions;
- Strengthening information-sharing among FIs regarding new scam typologies;
- Continuing efforts to enhance customer education and awareness.
The CTREX Panel was established by MAS in August 2024 to advise on key emerging cyber and technology risks affecting Singapore’s financial sector and recommend strategies to bolster resilience.
The inaugural CTREX meeting, held on April 16, covered discussions on technology resilience, third-party risks, quantum security, and the growing threat of digital financial scams.
As part of the two-day event, CTREX members also engaged with senior technology professionals from the financial industry during a seminar jointly organized by MAS and the Association of Banks in Singapore.
