MAS banks on financial institutions to enforce robust IT security

All FIs in Singapore must comply with the Personal Data Protection Act (PDPA).

The Monetary Authority of Singapore (MAS) anticipates that financial institutions (FIs), including insurers, put strong and comprehensive measures in place to safeguard customer data.

MAS mandates that insurers licensed in Singapore must have a robust IT security policy in place to prevent unauthorised access or disclosure of customer information, Lu Xinyi, director of corporate communications at MAS said in a letter responding to Pei Sai Fan.

In addition, all financial institutions in Singapore must comply with the Personal Data Protection Act (PDPA), which regulates the collection, use, and disclosure of personal data. 

These obligations apply equally to both local and foreign financial institutions handling personal data. Entities or individuals found in violation of these regulations will face firm action.