Singapore’s MAS takes action over banking IT outages
PA Consulting's Adam Stringer shares his thoughts on how banks can better meet operational resilience standards following a spate of IT outages, and regulatory action from institutions like Singapore’s MAS.
Commenting on this, Adam explains: "The UK’s Operational Resilience regulation is currently the global gold standard, along with the Digital Operational Resilience Act in Europe. Regulators elsewhere are now following their lead."
He goes on to outlines how organisations can meet new operational resilience regulation:
How to meet new operational resilience standards
- Identify the most important business services and the potential fallout, if they take a hit. Prioritise these services for investment
- Who delivers these services? Draw up a dependency map. This would include third parties, data, people, locations and tech
- Identify severe but plausible scenarios that could affect those services, such as a cyber attack on payments, to test wider resilience
- Set up ownership, reporting and governance structures to mitigate vulnerabilities