The Monetary Authority of Singapore (MAS) has announced the establishment of the Cyber and Technology Resilience Experts (CTREX) Panel, a significant initiative aimed at bolstering cyber and technology resilience within the financial sector. This new panel replaces the previous Cyber Security Advisory Panel and has an expanded mandate that encompasses technology resilience alongside cybersecurity. As the financial industry becomes increasingly reliant on technology to deliver services, addressing the associated risks is critical for maintaining operational stability.
The CTREX Panel will comprise 13 prominent global industry leaders, experts, and practitioners specializing in both cybersecurity and technology resilience. Their primary role will be to advise MAS on key emerging technology risks and threats facing the financial sector. Additionally, the panel will recommend strategies and measures to enhance the overall resilience of Singapore’s financial institutions. The inaugural meeting of the CTREX Panel is set for mid-2025, providing a platform for collaborative discussions on pressing issues related to technology and cybersecurity.
Mr. Chia Der Jiun, the Managing Director of MAS, underscored the importance of maintaining technology resilience in the face of evolving cyber threats. As financial institutions integrate advanced technologies into their operations, the ability to effectively manage cyber risks becomes paramount. The insights gained from the CTREX Panel are expected to inform MAS and the industry on building essential capabilities necessary for navigating the complexities of digital transformation.
The formation of the CTREX Panel reflects MAS’s commitment to enhancing the operational resilience of Singapore’s financial sector amid growing cyber threats and rapid technological advancements. By engaging with a diverse group of experts, MAS aims to proactively address emerging challenges and ensure that financial institutions are well-prepared to handle the intricacies of a digitalized environment. This initiative not only aims to strengthen the security framework of Singapore’s financial ecosystem but also fosters confidence among consumers and stakeholders in the integrity and reliability of its financial services.
