Singapore’s central bank launches S$30 million cybersecurity grant for finance sector

Credit: Shownen Kang

The Monetary Authority of Singapore (MAS) announced this week the launch of a S$30 million (US$41 million) Cybersecurity Capabilities Grant to strengthen the cyber resilience of the financial sector in Singapore and help financial institutions develop local talent in cybersecurity.

According to a recent report by AT Kearney, cyber risks could obstruct trust and resilience in the Association of Southeast Asian Nations’ (ASEAN) digital economy and prevent the region from realising its full digital potential.

MAS’ grant, funded under the Financial Sector Technology and Innovation Scheme (FSTI), will support the development of advanced cybersecurity functions (e.g. computer forensics and cyber threat hunting) in Singapore-based financial institutions.

The grant will also encourage Singapore-based banks to upskill their local workforce through cybersecurity-related training programmes. This will help attract more cybersecurity professionals and expand the local talent pool in the financial sector.

“The Singapore financial sector has made significant progress in recent years in building up cyber resilience and managing cyber risk,” said Tan Yeow Seng, Chief Cyber Security Officer at MAS. “But 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.”