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Banks must improve cyber risk culture, says MAS panel

October 1, 2019

The Cyber Security Advisory Panel (CSAP) convened in late September, in a discussion chaired by MAS managing director Ravi Menon. It found that risk culture was often a contributing factor during cyber incidents.

According to MAS, CSAP members highlighted that the board and senior management of financial institutions should set “clear expectations for cyber risk culture” and “monitor and assess how well the desired risk management culture is operating across the organisation.”

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