At any briefing held in conjunction with the release of the Monetary Authority of Singapore’s (MAS) annual report, the central bank would usually provide an economic outlook and update on monetary policy. But at this year’s briefing for the 2020/21 annual report, one thing stood out clearly: cybersecurity.

Ravi Menon, managing director of MAS, warns that there are cyber threats that the financial sector needs to pay keen attention to. For one, cyber-attackers are now exfiltrating information from their victims, in addition to corrupting a victim’s data using crypto-ransomware.

Secondly, cyber-attackers are targeting major third-party IT vendors to amplify the coverage of their attacks. For instance, supply chains are hacked to infiltrate the networks and systems of multiple entities.

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