Central bank begins financial sector cloud resilience forum

The forum will discuss perspectives on appropriate public cloud risk management practices.

The Monetary Authority of Singapore (MAS) led the inaugural financial sector cloud resilience forum for Asia Pacific financial regulators and cloud service providers to exchange views on public cloud risk management practices for the financial industry.

More than 20 participants joined the forum, including senior representatives from financial regulatory authorities from other countries, Amazon Web Services, Google Cloud, and Microsoft Azure.

The forum will convene twice a year, MAS said.

Some of the key information from the forums are:

Trend of increasing adoption of public cloud services by financial institutions (FIs).

The Forum noted that along with increasing adoption, some critical systems and workloads of FIs are already being hosted in the public cloud.

CSPs will need to assist their FIs clients to maintain high standard of operational resilience. The Forum stressed the importance for financial regulators, FIs and CSPs to co-create IT resilience and security best practices, to meet stringent financial sector resilience standards.

Information sharing between CSPs and financial regulators will be critical. The participants called for greater information sharing between financial regulators and CSPs on cloud technology, cyber security risk management practices, to build collective competencies to address these risks that may be unique to public cloud deployment.